Midatech has announced that its shareholders have not approved the acquisition of Bioasis Technologies at the company’s annual general meeting (AGM), thereby ceasing all proposed transactions/events (including the US$9.6m private placement) contingent on the deal. This comes as a major setback for Midatech as it was counting on the deal to diversify operations and extend its cash runway into Q423. The shareholders’ decision puts Midatech in a tough situation as the company only has cash to last until mid-March 2023 and will urgently need to secure alternative sources of financing. Midatech has appointed Quantuma Advisory, a specialist business advisory firm, to undertake contingency planning. The shares were trading down over 25% by close of play yesterday.