8 Nov 2022 08:09
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
08 November 2022
Applied Graphene Materials plc
("Applied Graphene Materials", "the Group" or "the Company")
Update
The Company's board of directors notes an article published on the ShareProphets website on the evening of 7 November 2022 regarding a possible equity raise.
The Board has previously outlined its plans to raise further equity in order to fund the Company's operations and the continued development of the business.
The Company has spent recent weeks investigating the feasibility of an equity raise with institutional and other investors and this process is now complete. Having regard to the unfavourable conditions in small-cap equity markets, the Board has concluded that it will not be possible at the current time to complete an equity raise. Whilst the Board is pleased with the start that the Company has made to its new financial year, the Company requires additional funding to extend its cash runway beyond 31 January 2023, which as previously disclosed is the date on which the board expects that the Company's current financial resources will be fully depleted.
The Board will provide further updates to shareholders as appropriate.
For further information, please contact:
Applied Graphene Materials +44 (0) 1642 438 214
Adrian Potts, Chief Executive Officer
David Blain, Chief Financial Officer
Singer Capital Markets +44 (0) 207 496 3000
Peter Steel / Amanda Gray
Allenby Capital Limited +44 (0) 203 328 5656
Nick Athanas / George Payne (Corporate Finance)
Matt Butlin / Kelly Gardiner (Sales and Corporate Broking)
Hudson Sandler +44 (0) 207 796 4133
Nick Lyon / Emily Dillon