Trading of shares in Teesside innovator Applied Graphene Materials will be suspended from next Wednesday as the company confirmed it will not publish accounts by the market deadline.
Earlier this month the Redcar firm said it had until the end of February before it ran out of money. The firm is considering takeover proposals tabled following the appointment of consultants Alvarez & Marsal Europe LLP, who were brought in when the firm was unable to raise equity investment, including a push to find US investors.
In a new update to the market, Applied Graphene - which makes graphene products used in coatings and composites - said shares would be suspended pending the publication of its accounts for the year to the end of July 2022. Redundancy consultations for the firm's 30 staff are ongoing in case a deal with a potential suitor does not come off.
