Versarien PLC (AIM:VRS, OTC:VRSRF) shares sank 38% to 0.006p, valuing the troubled engineering materials group at about £330,000, after the company said a potential buyer had pulled out of a deal to acquire its remaining assets. The group, which has been attempting a far-reaching restructuring, disclosed that a UK-listed suitor had withdrawn from non-binding heads of terms agreed last month.
Versarien PLC (AIM:VRS, OTC:VRSRF) updated investors on its proposed joint venture and strategic investment, which is facing legal and regulatory hurdles. The company, in a statement on Thursday, said a UK government determination prevents the prospective UK joint venture company with Anhui Boundary Innovative Materials Technology from acquiring or using Versarien's assets.
Britain blocked the proposed acquisition of graphene-related assets owned by Versarien Plc by a joint venture involving China's Anhui Boundary Innovative Materials Technology, citing national security concerns.
| Specialty Retail Industry | Consumer Discretionary Sector | Stephen Hodge CEO | OTC PINK Exchange | 92534D103 CUSIP |
| GB Country | 64 Employees | - Last Dividend | - Last Split | - IPO Date |
Versarien plc is an innovative engineering materials company that offers a variety of engineering solutions across numerous industry sectors worldwide, including the United Kingdom, the rest of Europe, North America, and other international markets. Established in 2010 and headquartered in Cheltenham, United Kingdom, Versarien operates through two main segments: Graphene and Plastic Products, and Hard Wear and Metallic Products. The company's diverse range of products and advanced materials caters to various applications, from energy storage devices to thermal management, showcasing its commitment to leveraging cutting-edge technology for engineering advancements.
Graphene and Plastic Products:
Hard Wear and Metallic Products: