Shares of inventory monetisation company Supply@Me Capital PLC fell 12.8% after announcing plans to delay the release of its full-year 2020 financial results to May.
The company said that the delay was due to challenges in remotely preparing and auditing results given the latest COVID-19 lockdown measures that have restricted the movement of people across borders and within national borders.
Supply@Me Capital’s main operating arm is based in Italy, which entered new lockdown measures, triggering the delay in publishing the results. Postponing the release of financial results is regarded as a bad sign for any business, but Supply@Me might be the exception to this rule.
The company’s business operations require it to track inventory in multiple countries by placing advanced trackers on physical goods to help monitor their movement. The tracking is essential to ensure that businesses fulfil their contractual obligations once they sell their inventory.
You can now see why it may be difficult for Supply@Me Capital to compile accurate data to publish within its full-year results, given the multiple restrictions on international travel necessitated by the latest wave of lockdowns.
The inventory monetisation firm recently signed a ‘head of terms’ agreement to acquire a based commodities trade enabler serving small and medium-sized businesses located in Singapore.
The acquisition would help the company complete its global offering by monetising “in-transit” commodities inventory.
Supply@Me Capital also announced the appointment of Amy Benning as Chief Financial Officer (CFO), which should help resolve the recent delays in publishing its financial results that led to the suspension of its shares from trading on the LSE.
The inventory monetisation company’s future appears quite promising.
Supply@Me Capital share price.
supply@Me Capital shares fell 12.82% to trade at 0.34p, having dropped from Thursday’s closing price of 0.39p.
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