Newport's Last Stand
In an announcement made to the London Stock Exchange Tuesday, Newport stated that it couldn't be sure of finding a buyer and so has had to "reduce costs significantly. Following a period of consultation, the Company has served notice to the majority of its employees that their positions are to be made redundant. The Company will then be reduced to a residual core of people that have the necessary skill mix to manage the transfer of the Company's technology to any potential acquirer as well as evaluating all options available to the Company."
Newport's share price ended today at 0.35 pence, giving it a market capitalization of £1.65 million ($3.1 million).
— Ray Le Maistre, International News Editor, Light Reading