Alphawave to suspend shares

It is the second time the company has delayed issuing its accounts, the first time was last April.

The company has a market cap of around  £700 million. The company’s shares have fallen nearly 75%  since it  its IPO in May 2021 which raised £856 million and valued the company at $3 billion.

Preliminary results showed a profit of $45 million on revenues of $192 million. The company says it expects to post revenues of $340 million to $360 million this year for a profit of $87 million.

Alphawave has bought OpenFive for $210m and Banis Labs for $240 million in the last year.

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