Nanoco To Delist From LSE To Reduce Operating Costs; Stock Plunges
Nanoco Group PLC said it plans to delist from the London Stock Exchange main market to cut operating costs, then re-register as a private limited company after cancellation, according to the company. The shares were down 54.68% at 3.10 pence. A June 19 shareholder vote is planned; if approved, last trading day is July 17 and cancellation July 20. Nanoco expects £0.7m more annual savings to extend its cash runway toward medium-term break-even.