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".
“In the general meeting held on 24 March 2025, shareholders approved resolutions to give the directors the authority to allot 2.99bn shares without pre-emption-rights.
“If the anticipated investment does not complete, then the board will seek to use the granted authority to issue new shares to raise further equity capital in order to ensure that the company has sufficient working capital to carry on its business.”
Versarien CEO, Dr. Stephen Hodge, said that “I am confident that our strategic direction, combined with our focus on commercializing intellectual property and securing strong partnerships, will help us navigate challenges and deliver robust growth.
“Our diverse portfolio of technologies is setting the stage for continued success, and we look forward to reporting further progress through 2025.”
