LONDON, UK: Actual Experience plc (AIM: ACT), an analytics-as-a-service company, has announced that it is running out of cash and is looking for further funding to continue its operations.

The company has been unable to secure significant new revenue contracts or reduce its costs, and has been exploring an equity fundraise with existing and potential shareholders.

The company applied for advanced assurance from HMRC to issue shares that would benefit from tax relief under the enterprise investment scheme (EIS), but has not received a formal response within the expected timeframe. The company said it is highly uncertain whether it can get approval from HMRC before its cash reserves are depleted by late November 2023.

The company provides analytics solutions that measure and improve the digital experience of users. The company has reduced its expenses from £680,000 per month to £460,000 per month, but has not been able to achieve its sales targets. The company said it is committed to delivering value to its customers and stakeholders, and is exploring all available options to secure its future.

As a result of the Company’s intention to appoint administrators, Singer Capital Markets Advisory LLP and Turner Pope Investments (TPI) Ltd have informed the Company of their resignations as nominated adviser and joint broker and joint broker to Actual Experience plc respectively, effective immediately on the release of this announcement.

Actual Experience plc appoints Iain McCready as Chief Executive Officer