Shares of FREYR Battery sank Thursday after the company said it would cut costs to extend its cash burn.
The stock was down 27% at $2.46 in midday trading. Shares are down 72% this year.
The battery-cell developer said that it was “rightsizing the organization” as part of broader cost-saving measures, which is expected to reduce its cash burn rate by 50%.
FREYR said it expected its projected liquidity runway would now be more than two years.
The company said it would minimize spending on its Giga Arctic facilities in 2024. FREYR said the pivot would allow for continued development of technology at its Customer Qualification Plant.
FREYR posted a loss of $9.79 million, or 7 cents a share, in the third quarter, compared with a loss of $93.9 million, or 80 cents a share, a year earlier.