Deepverge PLC (AIM:DVRG) shares will be temporarily suspended from trading on AIM as of Monday June 26, pending clarification of the company’s financial position, the life science group has announced.
As announced on June 5, Deepverge has been seeking to sell one or more of its principal business units with the aim of raising sufficient funds to enable the wider group to continue to trade.
Despite receiving indicative offers for both the Labskin (including Skin Trust Club and Rinocloud) and Modern Water businesses, the board believes that none of these offers appears likely to reach a successful conclusion on a timely basis.
In a regulatory statement, Deepverge’s board conceded that sufficient funds will unlikely be realised, either from the sale of business assets or additional financing.
The board has therefore taken the decision to no longer support the ongoing costs of these businesses, and is seeking to realise whatever value is possible through the sale of one or more of the Labskin, Modern Water and Glanaco business units.
Deepverge expects that this process will result in the sale, closure or administration of all group subsidiaries.