Wejo has filed a third notice of intent to enter administration.

It gives the Manchester-based connected vehicle data firm 10 days – until July 10th – to secure a rescue deal, enter administration or file another notice of intent.

The first notice was filed at the end of May, with Wejo saying it intended to appoint Andrew Poxon and Hilary Pascoe of Leonard Curtis Recovery as administrators.

It then filed a second notice of intent, which expired this week. It was also reported this week that a planned reverse merger agreement with TKB Critical Technologies, which would have raised $100 million for the company, has been terminated.

The continued uncertainty leaves staff members without redundancy and also leaves creditors in limbo, but may mean a rescue deal is in the pipeline.

FUEL Manchester

The company’s fall from grace was spectacular. Founded in 2014 and ranked sixth on our TransportTech 50 ranking late last year, Wejo was valued at $1.1 billion when it listed on the Nasdaq in the US via a reverse merger with Virtuoso Acquisition Corp in November 2021.

However its share price has crashed in recent weeks following the bombshell news that Wejo Limited was preparing to enter administration in the UK, and the company has been delisted from the Nasdaq. Its market cap currently sits at just $1.6m. 

Among Wejo’s shareholders are General Motors Ventures, founder and CEO Richard Barlow, Sompo Holdings, chairman Tim Lee and Apollo Capital Management.

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