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.
The ongoing Group will then consist of Versarien plc, Gnanomat SL and Total Carbide Limited (which the Company continues to market for sale) and will concentrate primarily on its hybrid nanomaterials and energy storage technologies.
These actions will conserve further cash and extend the Group's forecast runway through to the end of August 2025 to allow further time for the strategic investment to be closed, albeit there is no guarantee that it will do so.
