Shares in energy services firm Enteq Technologies have been suspended this morning after the business announced it has gone into administration.
The news follows a sharp drop in the AIM-listed company's share price over recent weeks after its hunt for a buyer ended with no bids.
The tech firm - which has a base in Aberdeen city centre - had warned of potential cashflow issues earlier this year as it continues development of its SABER drilling technology.
Its SABER Tool (Steer-At-Bit Enteq Rotary Tool), which is an alternative to traditional rotary steerable systems (RSS), has the potential to support oil and gas applications as well as new energy applications, such as geothermal drilling and methane capture.
12-months ago, shares in the company were trading at £9.00, but by market close yesterday that price had sunk to 43p per share.
This morning, the firm confirmed that administrators will now be appointed.
"Enteq continues to require funding however the Board now no longer considers that suitable funding can realistically be raised," the company said in a statement.
"The board has continued to seek advice on its appropriate next steps, and regrettably has concluded that, after detailed consideration of the Company's current financial situation, it will not be able to meet its liabilities as they fall due and is therefore required to take the necessary steps to seek to preserve value for creditors.
"The board has consequently resolved to appoint Managing Directors from Alvarez & Marsal Europe LLP as administrators to the Company. It is anticipated that the administrators will be appointed during the course of today or tomorrow."
Enteq Technologies opened in Aberdeen's Queen's Gardens at the end of 2023, building on its presence in Cheltenham and Houston.