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LONDON - Tissue Regenix Group plc (AIM:TRX) requested a temporary suspension of trading on AIM Wednesday as the regenerative medical devices company conducts a deeper review of its financial position.
The suspension allows the new Senior Leadership Team to further examine the previously announced restatement of revenue figures for the financial year ended December 31, 2024, according to a company statement. The review will also assess the impact on first-half 2025 adjusted EBITDA and evaluate the company’s cash position and expected business performance.
Tissue Regenix stated it is "not in a position to clarify its financial position" until the review is completed. The company has begun implementing stricter financial controls and is conducting a comprehensive review of its cost structure, targeting more than $2 million in cost reductions.
The Board said it remains committed to ensuring business recovery and delivering sustainable, long-term earnings growth for shareholders.
Tissue Regenix specializes in regenerative medicine, utilizing its patented decellularisation technology (dCELL) to create acellular tissue scaffolds for applications in sports medicine, foot and ankle injuries, and wound care.
The company indicated it will provide additional updates in future announcements.
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