African budget airline Fastjet has warned that it may fail if it does not provide new sources of funding, knocking more than two-thirds of the value of their shares within a few hours.
The company said that as of June 18, it was the balance of funds in the amount of $3.3 million (£2.5 m) and was talking to its major shareholders on the potential of equity.
“While initial discussions with some shareholders was positive, discussions are ongoing and there can be no guarantees of a successful outcome,” he warned on Wednesday.
If there are no new funds, Fastjet said it may not be “able to continue trading for the foreseeable future” and could be suspended from trading on the London AIM market.
Shares of the company fell 68.06 PC…
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