Nanoco shares slump with plans to exit trading in London

Nanoco Group PLC on Wednesday disclosed plans to delist from the London Stock Exchange, a few months after it ended a sale process without a deal.

In an effort to cut costs, the Runcorn, England-based nanomaterials developer is seeking shareholder approval to cancel its shares from trading in London, which it sees saving about £700,000 annually.

Nanoco shares slumped 49% to 3.49 pence on Wednesday morning in London, and are down 71% over the past year.

‘The board believes that by taking further measures to reduce the company’s operating costs and carefully investing its remaining resources in existing high-potential business areas, greater value can be generated for shareholders,’ the company explained.

It said it had been considering various options since ending its sale process in January. Despite running for more than a year, the process failed to secure a buyer.

The strategic review was led by CDX Advisors LLC, which Nanoco appointed as its financial adviser in October 2024. Nanoco said the process resulted in discussions with counterparties that progressed to an advanced stage, but no firm offer.

It added in January that it would take measures to reduce its gross cash operating costs to between £300,000 and £400,000 per month. As part of this, Chief Executive Officer Dmitry Shashkov left the company in February, having only joined Nanoco at the time that the CDX review began.

Nanoco on Wednesday stressed that it ‘is neither currently experiencing any financial difficulty nor is it expected to in the near term,’ with a cash balance of £10.1 million as of May 19. It also noted that it had entered a joint development agreement with a second chemical customer in Asia, and extended an agreement with its first Asian chemical customer for three years. Separately, Nanoco has settled litigation with LG Electronics Inc, Shoei Chemical Inc and Shoei Electronic Materials Inc.

Still, the company said: ‘Cost savings will extend the group’s cash runway, with a view to being break even in the medium term. Additionally, this will also free up significant resource which can be allocated to the achievement of the group’s strategic objectives.’

Following the exit from public trading, Nanoco plans to re-register as a private company. Cancellation is expected to take effect on July 20, and re-registration on July 27.

Delisting will require approval from at least 75% of shareholders at a general meeting, which has been scheduled for June 19.

Nanoco added on Wednesday: ‘The UK public market environment for small companies remains highly challenging, characterised by persistent undervaluation and limited liquidity, particularly for companies such as Nanoco with early-stage, pre-commercialisation technology and IP, where there is a significant key customer concentration risk.’

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