Been watching MCEL for the past 3 months now. SUPER RISKY, but whoever got in a .015 is one lucky because it's at .08 now
Quote:
Hydrogen fuel cell developer Millennium Cell has released a statement to its shareholders detailing its current financial situation.
In a statement yesterday the company announced that it had been unable to secure enough funding to continue its business operations - and as a result "furloughed" all employees until further notice.
Millennium Cell's board of directors and senior managers are said to be in talks with third parties, which have "expressed interest in entering into a potential transaction with the company" and could provide short-term liquidity.
"The company cannot provide any assurances that it will be able to complete any of these potential transactions or, if such a transaction were not completed on reasonable terms, avoid a bankruptcy proceeding," Millennium Cell stated.
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