Nanoco has announced that it has terminated the formal sale process of the company. It has taken actions to extend the cash runway from July this year to calendar Q2 2021. This is valuable as it creates time to progress active commercial opportunities delivering nano-materials for sensing and display applications, to pursue the IP infringement lawsuit against Samsung and secure medium-term funding. Given the uncertainty regarding future revenues we are not reinstating estimates even though the Takeover Panel restrictions are no longer in force.
Successful completion of major contract in H120
During H1 of FY20, Nanoco successfully delivered the final milestones for the US customer, earning the contracted milestone payments in full. Revenues decreased from £3.2m in H1 of FY19 to £2.9m, reflecting lower revenues from the US customer (£2.5m vs £2.9m) as the contract ended in December.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging
