Genesis Research lacks funds, seeks legal advice on future
Genesis Research has ‘lack of funds’, seeks legal advice on future
Nov. 12 (BusinessDesk) - Genesis Research and Development, which in July abandoned plans to merge with an unlisted Australian company, is seeking legal advice and will make an announcement on its future amid a lack of funds to continue operating.
The company had its shares halted from trading on the NZX and ASX pending a statement.
In its notice to the ASX, it said the trading halt will end “when legal advice is received and an announcement is made about the future of the company due to the lack of funds for ongoing costs.”
The company suspended operations in May 2010 and laid off its entire staff. In July this year it placed 9.1 million shares, which it said gave it enough funds to remain listed while it considers further investments.
The shares last traded at 1.8 cents, valuing the company at $980,000, and have declined 40 percent in the past year.
In July, Genesis called off a proposed merger with Australia-based Mariposa Health, an unlisted public pharmaceutical development company.