SCANDAL-HIT data firm Wandisco yesterday warned it could run out of cash as soon as mid-July as it announced an emergency $30m (£23.9m) fundraise to bolster its balance sheet following a fraud scandal.

London-listed WANdisco, which was forced to write off over $115m in sales bookings after uncovering "potentially fraudulent irregularities" on its books in April, warned it had $8.1m in cash reserves and would only be able to sustain itself through to mid July.

Bosses are now planning to launch an equity fundraise towards the end of June to "build balance sheet strength".

The news marks the latest turnaround bid launched by the firm, whose shares have been suspended on the AIM exchange since April.

(c) 2023 City A.M., source Newspaper