DeepVerge sinks on flagging potential inability to raise enough funds for loan repayment
12/10/2022 08:57
** Shares of pharmaceutical company DeepVerge DVRG.l
tumble as much as 49.2% to a record low of 2.9p
** Stock set to record its worst day ever if losses hold
** Co says it couldn't guarantee raising sufficient funds to
repay loan and help co reach profitability during 2023
** DVRG says co's proposed equity raise is impacted by
market speculation on its shares
** Says agreed with lenders there'll be no Event of Default
relating to repayments that have been or may be missed up to Nov
14, only if loan is paid in full immediately after proposed
equity fund raise
** DVRG is also looking to reorganise its board
** As of last close, shares down 76.2% YTD
(Reporting by Sinchita Mitra in Bengaluru)
((Sinchita.mitra@thomsonreuters.com))