On Wednesday, stock of the advanced materials engineering group, Versarien Plc (OTCPink: VRSRF) closed down -8.26 percent at $0.5330, trading in a day range of $0.5330 to $0.5750.
Versarien stock has surged over 4.51% in the last month; with an average volume for the month over 10.74K shares. Since VRSRF stock was down-trending despite no current news, recent developments might reveal more about the VRSRF.
Have there been any recent developments at VRSRF?
Versarien is a leading engineering materials company that provides solutions in a variety of industry sectors in North America, Europe, and the United Kingdom. There are two segments within VRSRF, Graphene and Plastic Products and Hard Wear and Metallic Products.
In recent news, Versarien announced agreements with Graphene Lab Co Ltd, a South Korean company specializing in chemical vapor deposition (“CVD”) graphemes.
- VRSRF and Graphene Lab have signed agreements to advance their proposed activities in Korea. These agreements include sensors, OLEDs, and transparent flexible touch panels.
- As announced on 22 December 2020, VRSRF acquired certain graphene production assets and intellectual property from South Korean-based Hanwha Aerospace Co Ltd.
- VRSRF also received a strategic investment of £1.93 million from Graphene Lab.
- VRSRF has subscribed for 4,280,000 new ordinary shares at a price of 45 pence per share to make the investment.
- A 12-month lock-in period will apply to the Subscription Shares, which are equal to 2.2% of the enlarged share capital of VRSRF.
The Agreement further states that:
Graphene Lab has entered into the Agreement with Versarien Korea Ltd (“Versarien Korea”), Versarien (VRSRF)’s wholly-owned subsidiary based in South Korea. In the Agreement, VRSRF and Graphene Lab declare that they will cooperate in South Korea on a number of matters. VRSRF will have in issue 194,149,790 ordinary shares of 1 pence each as a result of the issue of Subscription Shares.