Versarien attempts to raise funds to avoid financial crisis
Versarien has stated that it is in financial talks to avoid a financial crisis, and unless further external financing is received it would “cease to be able to pay its liabilities as they fall due by mid-May 2025”.
In comments accompanying its annual results, Versarien said: “As at 25 March 2025 the group has a current bank balance of £0.90m and headroom on its invoice discounting facilities of £0.05m totaling £0.95m, which includes £0.6m relating to specific grant funding to be used over the next two years". “The board is currently in advanced discussions with a third party with a view to raising equity funding of £0.5m before mid-May 2025 at a premium to the current share price, which if completed, will equate to approximately 15% of the company’s enlarged share capital".