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Mass redundancies at Wejo as it entered administration leaves firm unable to file latest accounts

Wejo also said it is still considering whether to file ancillary insolvency proceedings for all of its other companies in the group

Wejo is headquartered in the ABC Building in Quay Street, Manchester(Image: Wejo)

Mass redundancies at connected vehicle data company Wejo in the lead up to it entering administration has left it unable to file its latest financial accounts.

The Manchester-headquartered business formally entered administration last month after filing three notices of intent which bought it a total of 30 working days to find a buyer.

The company had been listed on the Nasdaq and filed its financial results every quarter.

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In a statement filed with the United States Securities and Exchange Commission, Wejo also said it is still considering whether to file ancillary insolvency proceedings for all of its other companies in the group in other jurisdictions, including in the United States and Bermuda.

It said: "As previously disclosed on July 18, 2023, joint administrators of Wejo Limited, an indirect, wholly owned subsidiary of Wejo Group Limited, were appointed on July 10, 2023, thereby commencing an administration proceeding in England.

"Due to this administration proceeding and the resulting lack of staffing and other resources needed to complete its accounting, reporting and audit review processes, the company has been unable to close its books for the second quarter of 2023.

"Consequently, the company is unable to timely file a Form 10-Q for the quarter ended June 30, 2023, and can give no assurances as to when, or if ever, it will be in a position to file a Form 10Q. The company does not intend to update this disclosure.