WANdisco Shares Plunge 96% after Publishing 2022 Accounts and Raising Funds


Shares of WANdisco witnessed a significant decline of 96% on Tuesday following the company’s return from suspension. This drop came after the publication of its 2022 accounts and a successful fundraising initiative.

At 0737 GMT, shares were recorded at 50.20 pence, down by 1,259.80 pence.

On June 29, WANdisco, a software company, announced a reduced pretax loss for 2022 due to increased revenue from closed deals. Additionally, they highlighted their intention to carry out a $30 million equity fundraising program through a bookbuild initiative.

Subsequently, on July 3, WANdisco revealed that it would raise funds by issuing 70.7% of its existing share capital at a rate of 50 pence per share. The generated funds are aimed at supporting the company’s turnaround plan.

The trading of WANdisco shares was halted in March when the company discovered potential fraudulent irregularities in purchase orders, related revenue, and bookings. These discrepancies were found to be linked to a senior sales employee.

To ensure accuracy and completion, the company’s accounts underwent a delay to allow the auditor sufficient time to finalize the process.

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