ASX company M8 Sustainable has been placed into voluntary administration after being overwhelmed by growing debts and lack of cash flow into the business.
M8 Sustainable has secured the $10 million of convertible notes it needed to complete its Gingin facility and pay other debts after its $8 million minimum raising fell short earlier this week.
M8 Sustainable has failed to raise the minimum $8 million it needed to complete its entitlement offer and pay its debts, throwing its capacity to operate as a going concern into doubt.
Western Australia is leading the country in the adoption of waste-to-energy projects, with $1.2 billion being invested in two path-breaking facilities under construction.
Recycling and waste management company M8 Sustainable had a soft start to its first day of trading on the ASX today, with its shares dipping to 17 cents after last month's $19.5 million initial public offering at 20 cents per share.
Three Western Australian companies led by experienced mining executives are hoping to defy the slump in new stock market listings by launching initial public offerings over the past week.
A recycling and waste management business led by Bob McKinnon and Tom Rudas has kicked off plans for a stock market listing, with the company hoping to “supercharge” its growth and turn recent loss
