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Amphion Innovations said it had become a cash shell after the lender of its loan facility sold its holding in medical imaging company Polarean Imaging for $2.6m.
Under UK listing rules, the company has six months from the sale to complete a reverse takeover, or be re-admitted to trading as an investing company, requiring a aising of at least £6m.
'The company remains highly cash constrained and has been actively exploring a number of potential opportunities to provide funding and to restructure the company's existing debt,' Amphion said.
'Further announcements will be made as and when appropriate.'