Shares in microchip maker Alphawave to be suspended after audit delays

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Shares in the UK’s top listed semiconductor business Alphawave plunged this morning as it announced its shares would be suspended because of a delay to its audit process.

The firm published unaudited results for 2022 today, showing profit was up 44% to £56.3 million as revenue more than doubled.

However, it said accountantsKPMG had to request more time to complete its audit of the results.

“The principal reason for this is because of the additional procedures required in connection with the first-time audit of the company as an enlarged group following three transformational acquisitions over the past year,” Alphawave said.

The firm added that it “does not expect any changes to the preliminary results”.

It expects the results to be published by 12 May, but this would be after the FCA’s deadline for audited results.

Because of this, it requested its shares be suspended from the start of trading on 2 May until the results are published. Given the upcoming bank holiday weekend, that would mean the last day of trading before the suspension would be today.

Alphawave shares plummeted by 19.1p today to 100.1p.