Wejo enters administration

Manchester-based Connected Vehicles technology company Wejo has filed an application to appoint an administrator.

In paperwork submitted to the United States Securities and Exchange Commission, the Nasdaq-listed company says it is “evaluating whether it will file ancillary insolvency proceedings for the Company and its other subsidiaries in other jurisdictions, including in the United States, in due course”.

It adds that it expects that its shares are no longer suitable for listing on the Nasdaq and that it would not appeal such a decision.

The future had looked good for Wejo, which in January announced a data agreement with Toyota North America and last August had won a contract with data company Roadside Telematics. It also had a deal with Ford and had delivered a real-time traffic intelligence solution.

The Notice of Intent discloses the Company’s intention to appoint Andrew Poxon and Hilary Pascoe of Leonard Curtis Recovery Limited as administrators of Wejo Limited.

(Picture – Wejo)


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