Global currency risk management specialist Argentex has requested a suspension of trading in its shares on the AIM market, citing its exposure to significant volatility in foreign exchange rates.
This follows the rapid devaluation of the US dollar following a series of announcements from US President Donald Trump regarding tariffs.
The London-based firm, led by CEO Jim Ormonde (pictured), says that it has experienced a rapid and significant impact on its near-term liquidity position.
The company has taken a number of steps to preserve cash and increase the collateral received from its counterparties, as it considers a ‘number of options for the business’.
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The company’s statement on the London Stock Exchange also stated that it is in discussions with its principal liquidity provider to find ways to further strengthen its liquidity position amid the current uncertainty.
It also said that, in the event that the volatility in currency markets worsens materially, the company’s financial liquidity position would be significantly stretched.
When its shares were last traded, on Thursday 17th April, the price stood at 42.68p. It currently has a market cap of £51.4m.