London-based Avanti Communications says it is still in discussion with “a number” of potential acquirers or investors around a “strategic” transaction and that discussions are on-going with interested parties.
Meanwhile, Avanti announced a twin-track funding strategy to solve “a short term liquidity need”. Back in July Avanti said it needed to raise at least $50m to stay afloat.
“Upon the completion of due diligence by interested parties, the Board intends to request best and final indicative offers for a potential acquisition or any strategic investment in the Company. There is, however, no certainty that a satisfactory offer or other strategic transaction will be forthcoming,” said an Avanti statement, Sept 16.