Connected vehicle data company Wejo has filed a second notice of intention to appoint administrators.
The Manchester-headquartered company issued the first notice at the end of May, giving it ten business days to either agree a rescue deal or enter administration.
However, now that a second notice has been filed the business has a further ten days to secure a deal. While a notice is in place, creditors can't take action against Wejo.
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Leonard Curtis Recovery has been lined up as potential administrators to Wejo Limited. When contacted by BusinessLive, the firm declined to comment.
Since the first notice of intent was filed, numerous Wejo employees have been posting on social media that they have been made redundant. No total figure of how many job losses have been made has been revealed.
In its original statement, the company said that was evaluating whether it will file ancillary insolvency proceedings for Wejo Group and its other subsidiaries in other jurisdictions, including in the United States, in due course.
The latest move comes after Wejo's shares, which were traded on the US Nasdaq, were suspended on Friday, June 9.
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In November 2021 Wejo, which is backed by US giant General Motors, floated on the Nasdaq after completing a reverse merger.
The deal with Virtuoso Acquisition Corp was first announced at the start of June 2021 and valued the business at $800m. As a result of the move, Wejo received about $225.7m.
Wejo was founded in 2014 and at the time employed more than 250 people.
Its largest shareholder is General Motors Ventures while founder and chief executive Richard Barlow also holds a significant stake.
Other shareholders include Sompo Holdings, chairman Tim Lee and Apollo Capital Management.
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