LONDON - AMTE Power's stock made a remarkable recovery today with a 170.59% surge to GBP 1.18 pence, following a dire Wednesday where the company's shares plummeted by 22%, closing at 0.43 pence. The turnaround came after the company announced a series of funding agreements with Pinnacle International Capital that promise to secure its financial footing into the second quarter of 2024.
The UK-based battery technology firm disclosed that Pinnacle's newly-formed entity agreed to a conditional subscription of GBP2.5 million for 147.1 million shares, priced at 1.7 pence each. Additionally, AMTE Power is set to raise an extra GBP400,000 through a conditional placing at 0.5 pence per share and has secured a GBP200,000 convertible loan facility.
This injection of funds is expected to provide AMTE Power with the necessary capital to sustain operations well into Q2 2024, easing immediate financial pressures and potentially averting the risk of administration that loomed over the company after Wednesday's steep share price drop. The news has been warmly received by investors, as evidenced by today's sharp increase in share value.
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