Alphawave to suspend shares

Alphawave is to suspend its shares on the LSE from next Tuesday after its shares fell 20% this morning following an admission that KPMG had delayed issuing its accounts.

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.