A decision on the future of Applied Graphene Materials could be made in the coming weeks, a new update from the company suggests.
The Redcar-based graphene dispersion specialist told the London Stock Exchange it had received takeover proposals from "interested parties" and now hopes to receive final offers so a decision can be made by the firm's board in early January. It comes as 12-year-old Applied Graphene has faced funding challenges and had started redundancy consultations with staff as a precaution in case a strategic review led by consultants did not find a way to plug the finance gap.
The firm, which employs about 30 people, has previously said it has enough cash to continue trading until the end of January, and in this latest update to investors it said some of the offers on the table would require interim financing. Applied Graphene's share price fell sharply in November when it announced it was in a race to find funding, and it rallied slightly on news of a possible future deal.
