Versarien

Versarien, which has been in financial trouble for months, has collapsed into administration. The Company has appointed business advisory firm Leonard Curtis to oversee its affairs after filing an intention of notice to appoint administrators in December.

The company, which suspended trading on AIM last month, produced graphene for use in the aerospace, clothing and biomedical sectors. The group fell into financial difficulty last year and was forced to put a number of its businesses and assets up for sale.

The sale of Versarien, which previously announced it had been "receiving multiple offers" for the accelerated sale of its intellectual property and shares, has reportedly collapsed at the final hurdle and administration now seems likely. The company has been close to administration throughout 2025 and said in late September that it would run out of cash by November.

Versarien was in the process of closing a £200,000 deal with an unnamed company which would have seen it buy Versarien’s shares in Total Carbide Limited and Gnanomat SL, together with assets including patents and trademarks held by Versarien and graphene production equipment held by Versarien Graphene Limited – the latter of which is already in administration.

Versarien, which previously announced it had been "receiving multiple offers" for the accelerated sale of its intellectual property and shares, is now in advanced talks with a UK-listed company, according to a recent statement.

Versarien said it has now signed a non-binding agreement with the third party for the disposal of its "remaining material assets and subsidiaries", and has entered into a period of exclusivity until 30 November. Under the terms of the offer, the acquirer will purchase Versarien's shares in Total Carbide and Gnanomat, together with the patent and trademark portfolio held by Versarien and related graphene production equipment.

Versarien has reported it has received multiple offers for its accelerated sale of intellectual property and shareholdings, including its pioneering graphene-related assets through Gnanomat SL and Total Carbide Ltd. The company emphasized that no outcome is guaranteed until legal agreements are finalized.

To extend its limited cash runway—currently forecast, but not assured, to last until the end of September 2025—Versarien continues to take measures to conserve resources.

Following updates on Versarien's attempted steps towards improving its financial structuration, it was reported that a proposed acquisition of graphene-related assets owned by Versarien by a joint venture involving China’s Anhui Boundary Innovative Materials Technology has been prevented via an order from the UK government.

The order prevents the transfer and use of both tangible and intangible assets, including intellectual property and know-how with potential dual-use applications. A notice on the government’s website said this was “necessary and proportionate to prevent, remedy or mitigate the risk to national security”.

Versarien, which has lately been trying to take various steps towards improving its financial structuration, announced that the process of trying to sell certain assets of the Group's UK Technology companies has concluded without a suitable offer being received.  

The Company therefore expects that Versarien Graphene Limited will shortly be placed into administration and Cambridge Graphene Limited and 2-DTech Limited will commence the process of voluntary liquidation. Versarien Korea Limited has now ceased all operations.

Versarien has announced that it has extended its existing manufacturing license agreement, and know-how license and technical assistance agreement, with Montana Química LTDA, initially announced in March 2024.  

The extended agreements cover the use of the Company’s proprietary graphene and related material thermoplastic compounds and masterbatches (Polygrene™) in products to be manufactured and sold by Montana in South America, together with Versarien providing further additional know-how, technical assistance and training to Montana.

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".

Versarien has announced, further to the previously announced manufacturing license agreement, know-how license and technical assistance agreement entered into with Montana Química, that it has now signed a two-year supply agreement to provide some of the Company's proprietary graphene and related material dispersions and formulations (Graphinks™) to Montana (the "Supply Agreement").

Montana is a Brazilian headquartered multinational business focused on the production and sale of paints, wood preservatives and other wood finishing products including paints, stains and varnishes.  Versarien understands it is Montana's intention to utilize the Company's Graphinks™ in application areas such as construction, composites, coatings and lubricants.

Versarien has completed the sale of its South Korean factory and equipment for more than £600,000. The agreement with MCK Tech was announced last March as part of a strategy to monetize intellectual property (IP) through licensing. The transaction was meant to complete last July, but was delayed after MCK Tech asked for an extension to the deadline.

Versarien has now received the final payment of £92,000, plus accrued interest. In total, Versarien has received £611,000 after a £6,000 warranty deduction from MCK Tech for its Korean plant and equipment.