31st Mar 2015 07:31
LONDON (Alliance News) - Nanoco Group PLC Tuesday confirmed plans to move to the main market of the London Stock Exchange from AIM, and said it has raised GBP20 million in a placing of 19.05 million shares at 105 pence each, money it will use for further research and development of its cadmium-free quantum dot technology.
Shares in the company are trading down 11.7% at 122.50 pence Tuesday morning.
Quantum dots are nanocrystals made of semiconductor materials, which can be used in solar cells, LEDs and diode lasers. Nanoco's quantum dots do not contain cadmium - a heavy metal that is currently restricted under European environmental law.
Nanoco said it believes the official list is the most appropriate platform for its continued growth and increasing profile, and moving its listing will help with the liquidity of its shares and provide a greater range of potential investors.
It expects its shares to be simultaneously cancelled from trading on AIM and admitted to the official list around May 1, subject to necessary approvals.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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