(Alliance News) - Versarien PLC on Monday said it is not aware of any "material basis" for a decline in the company's share price.
Shares in Versarien were trading 5.4% higher at 51.44 pence each in London on Monday morning, valuing the company at GBP79.5 million. Year-to-date shares have declined around 37% and closed at 49p on Friday.
The company also reaffirmed that it remains focused on its graphene commercialisation strategy and on projects with commercial partners.
The materials engineering company added that continues to provide funding to its 62%-owned unit Gnanomat SL to ensure its continued development. Versarien expects to provide a loan of EUR300,000 to Gnanomat in February.
At January 31, the company had GBP2.3 million in cash and loans.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Versarien (VRS)