On Thursday after the stock of UK bank Metro Bank plunged almost 30% due to reports that the bank was engaged in an urgent fundraising campaign to shore up its balance sheet, trading of the bank’s shares were suspended twice.

Since September 12th, shares of Metro Bank have fallen over 60%, after it was revealed the regulators in the UK did not approve a plan which would have allowed the bank to lower the costs to run its mortgage business.

CNBC confirmed with the London Stock Exchange that the suspensions of trading had been initiated by circuit breaker mechanisms, due to the crash of the stock.

In a statement Thursday, the bank, which according to reports had been seeking to raise £600 million ($727 million) in debt and equity, is it looking at “how best to enhance its capital resources.”

The bank’s options now are to ask investors to aid in refinancing $424 million in debt before it comes due in 2025, or use the sales of debt, shares, or assets to raise hundreds of millions of pounds.

Metro Bank said, “No decision has been made on whether to proceed with any of these options.” 

On Wednesday, Fitch, the ratings agency, put Metro on a negative watch, noting the increased risks to its funding, capital position, and its business model.

Metro Bank had been founded in 2010 by US billionaire Vernon Hill, becoming the first new high-street bank in the UK in over a century. In 2019, its chair and chief executive were forced to leave the bank following a misreporting scandal.