Shares of Applied Graphene Materials PLC dropped on Wednesday after the business said that it has started a strategic evaluation of its options for maximizing value, with possibilities including selling its assets or the stock in its primary operational subsidiary being taken into consideration.
At 08:23 GMT, shares had decreased by 1.4 pence, or 29%, to 3.5 pence.
Shares of the graphene materials company dropped as much as 56% in early trade on Nov. 8 after it announced it couldn’t raise money through an equity offering due to unfavorable conditions in the small-cap market. The company had previously stated that it needed to raise more cash to support operations and the continued growth of the business.
The business announced that Alvarez & Marsal Europe LLP has been selected as its financial consultant to oversee the review procedure in chronological order.