Versarien PLC (AIM:VRS, OTC:VRSRF) shares dropped on Tuesday after revealing that an asset sale process failed to find buyers.
The company said it now 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. Its Korean unit has already ceased operations.
Going forward, the group will comprise Versarien Plc, Gnanomat SL and Total Carbide Limited (the latter of which is still for sale).
The plan ahead is to focus on hybrid nanomaterials and energy storage technologies.
It expects to conserve further cash and extend the group's forecast runway through to the end of August, potentially allowing time for the completion of a material strategic investment.