Provider of online gaming platform and services for the iGaming industry Nektan today announced that it has initiated a process in Gibraltar courts seeking to appoint an administrator as the company has failed to secure the necessary finances to secure its future.
Nektan further pointed out that it anticipates the appointment to become effective later today and that it would make a further announcement once that happens.
Nektan is licensed in the UK and Gibraltar and delivers solutions for the online gambling industry. Through its E-Lite B2B content aggregation platform, Nektan provides operators and their players with access to hundreds of gaming titles from leading casino suppliers. The platform also features promotional tools such as free spins, bonus wallets, and APIs.
In a statement published on its official website, Nektan said today that it has failed to secure the necessary funds “for the requisite additional working capital necessary to secure the future of the company.”
The iGaming provider went on that this has necessitated the process in Gibraltar courts to seek the appointment of an administrator. This is the second time this year Nektan was forced to turn to courts with a request to appoint an administrator.
Nektan Temporarily Suspends Trading of Shares
Following news that Nektan is asking for an administrator, the company also announced that it has temporarily suspended trading of its ordinary shares. The provider is listed on the UK Alternative Investment Market (AIM).
This is the second time this year Nektan has moved to suspend trading on the AIM. Its shares were suspended on January 2 as the company failed to release its audited full-year report for the financial year ended June 30, 2019 before the end of 2019, as required under AIM rules.
Nektan was founded in 2011 and floated on the AIM in late 2014.
Late last year, Nektan announced that it was in advanced stages of restructuring its operations and that the process might include sale of its UK B2C division. In January, the company announced that Mark Phillips and Julie Swan of PCR London were appointed as joint administrators of its Nektan Gibraltar subsidiary.
The pair oversaw the sale of the B2C business to Grace Media, a subsidiary of Active Win Group. Nektan offloaded its white-label unit for £200,000.
Nektan CEO Gary Shaw said at the time that the sale would not have impact on the company’s ongoing business and that it would be reorganized as a standalone B2B mobile-focused service provider for the gambling industry.
Trading on AIM was restored late in January, a couple of weeks after the sale of Nektan’s B2C business was announced and after the company published its accounts for the previous financial year.