In May Nanoco announced it had taken actions to extend the cash runway from July this year to calendar year Q221. Since then it has signed a five-year framework agreement with STMicroelectronics covering multiple infrared sensing applications, won a development contract for a new technology application in the display sector and secured third-party funding for its patent infringement lawsuit against Samsung. Having achieved these key goals, the company has now raised £3.4m to extend the cash runway to at least the end of calendar year 2022. While our estimates remain under review, we hope to see fresh guidance from management in the new financial year.
The subscription raised £3.4m (gross) through the issue of 19.5m new shares at 17.5p per share, which is a 2.8% discount to the closing price on 15 July. The subscription was initially intended to raise a minimum of £2.2m (gross), indicating strong levels of investor appetite.
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.
