SENS Sensyne Health Plc

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)

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