East Imperial has collapsed following its request to suspend trading its shares in April. It owes NZ$22 million in liquidation and blames its failure on higher costs.
Established in New Zealand and Singapore in 2012 by Anthony Burt, East Asia produces a range of mixers sold across Asia-Pacific, the US, Europe, the Middle East, and Asia.
The London-listed mixer maker said it needed extra working capital to finance operations this year. It has tapped INL Investment to appoint a liquidator for the business.
In January, the company raised an estimated US$414,700 via share placement to help fund establishing its US base and distribution network, while its sales in China were growing “slower than expected”.
Meanwhile, In February, the company reported that revenue had fallen to $3 million in 2023 and described it as a “challenging year”.
The company said the board is looking at various options to repay creditors and retain value to its shareholders.
