The board of IoT supplier Th1ng has decided to file for bankruptcy for the company at the Stockholm District Court.

"The decision was made after the company had been facing challenges in financing its operations for a long time and had not been able to reverse the negative results or find another long-term capitalization solution," the company said in a press release.

Th1ng has been listed on Nasdaq First North since the summer of 2021. The share has performed very poorly and is down approximately 60 percent this year and 96 percent since listing.