Shares of Summa Defence slumped 32.6 percent to €0.55 in the afternoon after the Finnish defence technology company said negotiations related to a planned rights issue had ended without result, raising further concerns about the group’s liquidity position.

The decline leaves the stock down almost 80 percent since the start of the year. Shares traded still at €2.50 in early January but have fallen steadily as financing pressure and operational challenges have intensified.

In a company announcement today, Summa Defence said it continues to pursue alternative equity and debt financing solutions to strengthen its financial position. The company added that its liquidity position remains “extremely tight.”

The statement follows an earlier warning issued on May 13, when Summa Defence said its existing working capital would not be sufficient for the next 12 months without new financing or payment arrangements. At the time, the company estimated its current liquidity would cover roughly two months of operations if planned financing arrangements progressed as expected.