Shares in Sensyne Dive After It Warns on Future, Amends Financing Agreement
08 Avril 2022 - 9:51AM
Dow Jones News
By Joe Hoppe
Sensyne Health PLC shares plummetted Friday after it said that
without further financing and amendments to its noteholder
agreement, it won't be able to continue beyond the month, and that
its chief executive officer has stepped down.
Shares at 0721 GMT were down 8.8 pence, or 88%, at 1.18
pence.
Sensyne said it has entered a nonbinding term sheet with
noteholders to amend its note purchase agreement to provide up to
15 million pounds ($19.6 million) more in loan notes, as it said it
will likely to be unable to perform beyond the month without
it.
The amendments provide options, subject to shareholder approval,
to subdivide and re-designate ordinary shares into one ordinary
share of 0.8 pence each and one deferred share of 9.2 pence, and to
cancel the admission of shares to trading on the market, among
others.
The clinical artificial-intelligence company also said founder
and Chief Executive Officer Paul Drayson will step down from the
board with immediate effect, and the board will appoint Alex Snow
to replace him within the next 10 days.
Over the coming months, the board expects Mr. Snow to
restructure and refocus the business on its core real world patient
data business unit, and work together with the U.K.'s National
Health Service and the life-sciences community, it said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
April 08, 2022 03:36 ET (07:36 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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