Yorkshire data tech specialist WANdisco says shareholders have backed plans to raise $30m and instigate a turnaround plan that includes job cuts.
The move comes in the wake of a potential fraud which has seen the company's finances drastically changed and led to a suspension of its share on the London Stock Exchange. Chairman Ken Lever, brought in to lead an investigation into issues concerning one senior salesperson and a £12m hole in the company's accounts, recently talked of the "urgent need" for the firm to raise money.
Now, having toured investors to make its case, WANdisco is preparing to launch the fundraise which it aims to complete by the end of the month, along with publication of audited 2022 accounts which investigators have suggested could see revenue downgraded from about £19.2m ($24m) to just £7.7m ($9.7m).
