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The audacity of this honestly beggars belief.

This morning shareholders are told:

• delisting is needed

• liquidity will effectively disappear

• shareholder protections will be reduced

• and the public market no longer works for the company.

Then hours later the company is back on LinkedIn enthusiastically marketing:

• scalable supply

• extended SWIR capability

• future InAs launches

• and ongoing product expansion.

So which is it?

Either the technology and commercial pipeline still have real strategic value, in which case why force long-term shareholders into an illiquid private structure at these levels or they don’t.

The timing and optics today are absolutely staggering.

“Pushing deeper into the SWIR – our HEATWAVE® PbS QDs now enable sensor sensitivity up to 2400 nm.

We have just added a new wavelength to our web shop: PbS QDs with an absorption peak at 2200 nm, providing sensitivity in the extended SWIR.

This is just the first in a series of new materials and wavelengths we're launching over the coming months, including our InAs materials.”

@ MT100. They do not get the shares tomorrow .

Per the April 28th Circular (Page 14/15), the Fundraising remains conditional on:

1. NSIA Clearance (UK Cabinet Office)

2. Italian Regulatory Approval (Golden Power)

The company’s official indicative timetable confirms that 'Admission and commencement of dealings' (when the new supply actually hits the LSE) is not expected until Early June 2026 ('Date D').

May 20th is likely just the internal settlement date for the cash, but no new shares can be traded until the regulatory 'Green Light' is received in June. Useful to keep that distinction in mind for the short-term float.

Interesting that we still haven’t seen any new TR-1 following the steady selling and larger block trades over the last week.

If one of the major disclosed holders had materially reduced, we would likely have seen a filing by now. Therefore, seems the stock may instead be coming from holders sitting below the 3% disclosure level.

Looking at some of the names often shown on shareholder registers , although I’m not entirely sure how accurate this is, there appears to be several holders sitting just below that threshold:

• UBS Asset Management: 4.34m shares (2.38%)

• Raymond James Wealth Management: 4.32m shares (2.37%)

• Union Bancaire Privée: 4.09m shares (2.24%)

• Interactive Brokers Group: 3.80m shares (2.08%)

• Bank Julius Bär: 3.26m shares (1.79%)

• Expedient Finance: 2.10m shares (1.16%)

• BNY Mellon Advisors: 1.86m shares (1.02%)

• Fidelity International: 1.82m shares (1.00%)

I’m in total agreement Alessandro . Today’s RNS confirmed it with a 99% landslide, the market has clearly moved past the dilution worry and is now focused on the MACOM partnership.

@Alessandro — I hear you on the dilution history; it’s been a long road for holders. But the reason the 'Golden Power' and NSIA hurdles exist is because of what IQE owns, not what the share price is.

Even if they’ve diluted 100 times, they still own the keys to the InP/GaN supply chain that MACOM wants. The UK and Italian governments aren't reviewing the 'Resolution' (the vote), they are reviewing the 'Change of Control' under the National Security laws.

It’s less about blocking the money and more about ensuring the tech stays in Western hands. Once they sign off in June, that 'dilution floor' of 19.8p becomes the new foundation. We are on the same page regarding the outcome, just looking at the legal steps to get there.

The resolutions quoted are indeed what was passed at the General Meeting this morning (the authority to issue the shares). However, for anyone looking at the May 20th date, it’s important to distinguish between 'Authority' and 'Admission.'

Per the April 28th Circular (Page 14/15), the Fundraising remains conditional on:

1. NSIA Clearance (UK Cabinet Office)

2. Italian Regulatory Approval (Golden Power)

The company’s official indicative timetable confirms that 'Admission and commencement of dealings' (when the new supply actually hits the LSE) is not expected until Early June 2026 ('Date D').

May 20th is likely just the internal settlement date for the cash, but no new shares can be traded until the regulatory 'Green Light' is received in June. Useful to keep that distinction in mind for the short-term float.

Just to clarify the May 20th date for anyone watching IQE: That is the Settlement Date for the institutional placing (when the cash moves), NOT the Admission Date (when the shares trade).

Per the April 28th RNS and today’s successful vote, the new 19.8p shares are still conditional on NSIA Clearance from the UK Government. The official company timetable has 'Admission and commencement of dealings' slated for Early June.

There is no new supply hitting the market next week

The maths on a potential TR-1 is worth watching.

Based on the 195.5m shares in issue, Milkwood’s 8.18% stake only gives them a buffer of roughly 350k–400k shares before crossing below the 8% disclosure threshold.

So if that 1,000,000 share print today at 15:53 was them selling, we should know fairly soon because crossing below that whole percentage point would require disclosure.

If no TR-1 appears, it suggests either:

they were not the seller,

or perhaps more interestingly, someone else was absorbing stock and moving toward a higher threshold themselves.

Either way, with volume at these levels, the “blind spot” for larger holders is becoming quite small. Eventually the tape and the RNS flow will have to reconcile.

That’s a fair comment and I take your point that the underlying sensing/SWIR applications themselves have been discussed by Nanoco for some time.

I was really just looking at whether the market may finally be starting to connect those capabilities to the broader AI and optical hardware themes now developing across the sector, especially given the recent institutional buying activity and renewed interest in the stock after a long period of bearish sentiment on the board.

Yes, but discussing SWIR sensing applications is not the same thing as framing Nanoco within the broader AI optical and photonics infrastructure build-out now happening across the semiconductor sector

That’s exactly the point though . Nanoco themselves are not repeatedly talking about “AI photonics” or positioning the company as part of the wider AI hardware stack.

The note was making a thematic connection between:

Nanoco’s “scale-up” language,

advanced sensing / SWIR applications,

and the broader growth in optical and AI hardware infrastructure.

That interpretation may ultimately prove right or wrong, but it’s not simply a copy-and-paste of Nanoco’s website. It’s an external attempt to connect dots across sectors, which is why I found it interesting enough to post.

Fair point, but I’m not connected to Kalkine in any way , just another retail holder reading around the sector.

I posted it because I found the shift in narrative interesting. Most commentary around NANO has focused on the litigation for years, whereas this was one of the first notes I’ve seen trying to frame it within the wider AI sensing / photonics theme instead.

Doesn’t mean the note is right of course, but I thought the angle was worth discussing given what’s happening across the broader optical and AI hardware space.

Definitely someone biting. If you look at the research note from the 1st, it finally connects the dots (literally) on why the 'scale-up' phase matters.

Just finished reading the Kalkine note from May 1st—really interesting to see them frame NANO as a play on the AI hardware chain now, rather than just the legal settlement.

They are arguing that the move into the 'scale-up' phase with the Asian partners is the real catalyst. Basically, as AI tech moves from the cloud into actual devices, they need the high-end sensing NANO provides. Has anyone looked into how this fits with the growth in 1.6T/3.2T photonics?

https://kalkine.co.uk/news/general-news/what-is-driving-nanocos-85-surge-and-can-quantum-dot-demand-fuel-further-upside