Shares of Liverpool-based supercar brake disc maker Surface Transforms fell another 65% to a mere 1p after the firm conditionally raised £6.5 million via a share placing at a discount of 66%.

Surface Transforms chairman David Bundred said: “The board obviously regrets the circumstances that have led to this distressed fund raising and completely understands the frustration and anger of shareholders.

“The board is however now confident the combination of this £6.5m Placing, the £2m open offer and the £13m local authority loan is sufficient for working capital and capital expenditure needs over the next few years.

“I would like to thank those institutional shareholders, new and old, who have participated in this placing for their support.

“We trust that the open offer offers smaller shareholders the opportunity to participate and ameliorate dilution  through the open offer.”