Shares in the Martin Aircraft Company Ltd (ASX: MJP) have been suspended today after the futuristic jetpack company failed to hand in its financial results for the half-year period ending June 30, 2017.
The New Zealand-based company has lost 86% of its value over the past year and last changed hands for just 6 cents per share.This week it warned that it was in discussions regarding “ongoing funding support”. It also warned that as a result of these discussions there may be a material impairment to the ongoing value of its assets.
For the 12 months ending June 30, 2017 the company lost NZ$10.3 million and concerns were raised over the “commercial viability” of some of its jetpack production plans. This appears to have given its financial backers cold feet and with its shares suspended the writing could be on the wall for the jetpack hopeful.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.