The People's Operator (LON:TPOP) shares collapsed on Tuesday after telling investors that its new subscriber additions will not achieve levels anticipated levels needed for its current marketing plan.
An alternative strategy will now be needed, the company explained.
It also noted that, based on the current share price, there is “little likelihood” that existing share warrants will be exercised and, as a result, the company now expects that it will require additional capital.
The company is now examining its financing options.
It also explained that it will prioritise its business in the UK and is now negotiating terms for the sale of its US customer base to another platform.
Financial results for the year ended December 31 before the end of this month.
The People's Operator share price were down 41%, changing hands at 0.025p.