Applied Graphene Materials (LON: AGM) shares jumped in early Wednesday trading after the company provided an update on its strategic review, which it announced on November 23.
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AGM shares are currently up more than 21%, although the stock has declined significantly this year, falling 78% in 2022.
The company confirmed in its release that it has received various proposals from interested parties for the sale of its trade and assets or of the shares in its main operating subsidiary.
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“The Board, in conjunction with Alvarez & Marsal Europe LLP (the financial adviser appointed by the Company to manage the strategic review process), is in discussions with the various parties involved with a view to eliciting final proposals in early January 2023,” Applied Graphene Materials said.
Once the final proposals have been selected, AGM, in conjunction with Alvarez & Marsal Europe, would then select a preferred party.
The company said some of the proposals submitted will require interim financing to be progressed to completion, although it warned that there is no guarantee that any final proposals will be made.
AGM has sufficient working capital to continue in operation until January 31, 2023. Meanwhile, it is continuing the process of statutory redundancy consultations with its employees.
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