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.
The acquirer will pay £100,000 in cash and £100,000 in shares, as well as taking on a £5.7 million loan from Innovate UK Loans.
In the meantime, Versarien said it has enough cash to last it until the end of the exclusivity period.
"If the transaction is successfully completed, the company would not have any operations and would become an AIM Rule 15 cash shell, at which point it would seek to settle its remaining liabilities and look for reverse takeover opportunities," the company said.
