Cap-XX Ltd shares on Wednesday were suspended from trading in London.

The Sydney-based supercapacitor maker’s stock has fallen 94% over the last 12 months. It last traded at 0.10 pence per share on Tuesday.

The London Stock Exchange said that the suspension follows Cap-XX’s announcement on Monday that it raised £2.0 million through placing 2.00 billion shares at 0.1p each.

Chair Patrick Elliott, Chief Executive Officer Lars Stegmann and Non-Executive Director Steen Feldskov also subscribed for 35.0 million new shares for £35,000 in total. Cap-XX then raised £150,000 from a retail offer of 153.0 million shares, also at 0.1p.

On Wednesday, however, the exchange suspended trading in Cap-XX shares citing ‘the deterioration in settlement performance’, although settlement of outstanding transactions can continue.

The exchange said it will ‘continue to monitor the settlement situation’ and notify the market when trading is to be restored.

The exchange also noted that its member firms are obliged to ensure that every on-exchange trade is duly settled on the agreed-upon date.

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