Last month, Applied Graphene Materials (AGM) reported a failed attempt to raise funds, which caused AGM shares to plunge. Now, Applied Graphene Materials said it received non-binding indicative proposals for its sale or the sale of its main operating subsidiary.
The graphene materials maker said it is in discussions with the parties involved and expects final proposals in early January. After this, the board would select a preferred bidder to progress with. Applied added that there can be no certainty any final proposals will be made, nor the terms of any proposals made.
Applied Graphene will need additional funding to extend its cash runway beyond this coming January 31, by which point its current financial resources will be depleted.