Delayed contract could shorten manufacturer’s cash runway to May
Trackwise Designs has revealed its cash runway could be as short as two months after a major contract was hit by delays.
The Tewkesbury manufacturer recently raised £4.75m through a heavily-discounted share placing but it has been hit by more problems.
An £8m contract with an unnamed electric vehicle manufacturer was due to be completed in July but there is now a redesign and validation process underway.
£4m was paid in advance last October and Trackwise Designs had expected to be receiving further payments from April.
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