By Anthony O. Goriainoff

Shares in Deepverge PLC fell Wednesday after it said it couldn't guarantee that it will be able to raise enough equity funds to repay a loan of up to 25 million pounds ($27.4 million), citing the effect of market speculation on its share price.

This was despite the progress shown by its institutional equity roadshow, the company said.

Shares at 0700 GMT were down 2.25 pence, or 40%, at 3.38 pence.

The London-listed environmental and life-science artificial-intelligence company said it recently started the process to raise equity to repay the loan and sufficiently fund its working capital requirements.

The company also said it has agreed with its lenders--Riverfort Global Opportunities PCC Ltd. and YA II PN Ltd.--that there won't be an event of default relating to any repayments which have been, or may have been, missed up to Nov. 14, 2022.

The company said this will be the case provided the balance of the principal of the funding from the lenders, and the interest accrued to the loan's maturity on March 16, 2023, is made in full immediately following the proposed equity fund-raising.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 12, 2022 03:31 ET (07:31 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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