Mirriad Advertising is no more, at least as far as AIM is concerned.
The virtual product placement group had its shares cancelled at 7 am today, six months after trading in them was suspended.
It floated in December 2017 at 62p, raising £26.2 million and valuing the business at about £63 million.
When the shares were last quoted in April, they stood at 0.0024p and the market value was roughly £410,000.
The unravelling was quick once it started.
The Iran conflict wiped out the Ramadan advertising season in the Middle East, its US joint venture partner underperformed, and the cash ran down.
The UK operating company went into administration on 29 April, and the parent followed on 13 May.
A last rescue investment fell through on Wednesday.
Administrators are now talking to parties interested in the intellectual property, and the company itself warns there may be no return to shareholders.
AIM shrugs off the gloom
Elsewhere, the AIM All-Share rose 1.25% this week, clawing back some of the losses sustained in October.
It also beat the FTSE 100, which was more or less flat in the face of tech-induced turmoil on Wall Street and in Asia.
Ironveld shares have halved this week, the biggest fall on AIM, after the miner said its working capital lasts only about two months.
Ironveld, which is developing strategic metals projects in South Africa, said deliveries under its existing supply contract are on hold after the customer hit technical problems commissioning its plant.
Progress in signing new supply agreements has also been slower than expected, leaving it with a stockpile of dense media separation (DMS) magnetite, a heavy mineral used to wash coal.
The board is evaluating well-advanced funding options and has had indications that existing shareholders could provide more money.
Raising cash at a price
Sareum Holdings fell 45% after the biotech raised about £3.2 million at 14p a share, roughly 49% below the 27.5p close before trading was paused.
Sareum, the Cambridge-based developer of kinase inhibitors (drugs that block enzymes driving disease) for autoimmune conditions and cancer, said investors also receive warrants to buy shares at 20p.
The money should take its lead drug, SDC-1801, to a Phase 2-ready position and fund neuroscience research.
The story was similar for Zinc Media, whose shares fell 29% after the television production group launched a fundraise of at least £2 million at 30p a share, a 31% discount to the previous close.
Zinc Media said the money will fund several overlapping large productions and cover slower client payments in the Middle East.
The raise depends on Lloyds Bank waiving certain loan covenant tests and a Takeover Panel waiver for its largest shareholders.
Safestay braces for winter
Safestay fell 29% after the hostel operator warned that liquidity remains under pressure through the winter.
Safestay, one of Europe's largest hostel groups, said year-to-date trading is still below the board's original expectations, despite recent signs of improvement.
Bank borrowings have dropped from £13.6 million at 30 June to £9.1 million, helped by proceeds from selling its Glasgow and Holland Park properties.
The board is weighing further property disposals and a review of its financing arrangements, though it said there is no certainty over timing or outcome.
Quantum Base, minus the contracts
Quantum Base dropped 27% after the quantum authentication company warned there is material uncertainty over its ability to continue as a going concern.
Quantum Base, the AIM-listed maker of anti-counterfeiting tags read by smartphones, reported a loss before tax of £2.38 million on revenue of £0.47 million for the year to 30 April.
It had £3.1 million of cash at the year end.
The board said only a limited share of forecast revenue is contracted, and no pipeline deals have yet converted into contracts.
Quadrise goes shopping for a partner
Quadrise shares jumped 33% after the fuel technology company launched a strategic review to bring in a partner and speed up commercialisation.
The maker of lower cost, lower emission replacement fuels for shipping and heavy industry said options include a master licence, a joint venture or a strategic investor taking a non-controlling stake.
It stressed it is not inviting offers for the business, and the board will update shareholders by mid-February 2027.
Blackbird takes flight on a Google perk
Blackbird shares have more than doubled since the start of the month, and are up 22% this week, after its online video editing platform became available to Chromebook users in the UK through Google's Perks scheme.
Blue Star's German windfall
Blue Star Capital shares rose 21% after its investee SatoshiPay won German certification for research tax credit claims worth more than €900,000.
Blue Star, the AIM-listed investor focused on blockchain and payments, said SatoshiPay expects the money in early 2027, though the amount and timing are not guaranteed.
Blue Star will lend SatoshiPay up to €50,000 as a bridge.
SatoshiPay's Vortex platform has also signed a payments provider that could process tens of millions of US dollars a month, subject to banking compliance checks.
AIM's ticket to the big league
Not many AIM minnows get to say they're off to Nasdaq with a potential blockbuster cancer drug in tow, but Scancell might.
The Oxford-based developer of cancer immunotherapies plans to list in New York under the ticker SCLT by merging with US biotech Neuphoria Therapeutics, while keeping its London quote.
Shareholders waved the deal through on 20 October.
The big day should come in late Q4 2026, though Scancell hasn't named a date and still needs Neuphoria's shareholders and Nasdaq to sign off.
Up to $89 million of financing is lined up to go with it, enough, the company says, to keep the lights on into 2029.
The cash is earmarked for a phase III trial of iSCIB1+ in advanced melanoma.
In phase II, 77% of patients taking it with two checkpoint inhibitors were free of disease progression at 22 months, according to the company.
Phase III is where the home runs are made or missed.
