Teesside innovator Applied Graphene Materials says it has until the end of February until it runs out of money, unless funding from a suitor is found.
The firm says it is mulling a number of proposals from potential buyers that could save it following an inability to equity fund raise - a problem it blamed on "unfavourable conditions in small-cap equity markets". Redundancy consultations for the firm's 30 staff continue having been announced in November when Applied Graphene said it had appointed management consultants Alvarez & Marsal Europe LLP to help it find funding or a buyer.
Now, the firm says it has made additional cost cutting measures that will mean it can stretch its available cash to February 28 having previously signalled it would be depleted by the end of January. It said that any sale was likely to require interim funding before completion.
