Troubled Gloucestershire graphene producer Versarien has warned its future remains uncertain after the withdrawal of a potential Chinese investor.
The AIM-listed group, which has already put a number of its businesses into administration, needs to secure strategic investment in order to stay afloat.
But the company confirmed on Friday (August 29) that China's Anhui Boundary Innovative Materials Technology (BIMT) had withdrawn its offer after the 海角视频 government intervened on security grounds.
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It is understood the Chinese firm pulled out due to the "highly restrictive" terms of the approved joint-venture, combined with the ongoing financial uncertainties at Versarien.
The Longhope-based business, which makes graphene products for the automotive, clothing and aerospace sectors, is currently in the process of selling off its assets including its patent portfolio and its shareholdings in Total Carbide Limited and Gnanomat SL.
The loss-making company has also placed Versarien Graphene Limited in administration, while Cambridge Graphene Limited and 2-DTech Limited are in voluntary liquidation proceedings.
On Friday, Versarian said the sale process was "nearing a conclusion" and the outcome, and its implications for the company, would then be considered by the Versarien board.
In a statement, Versarian said: "The company's actions to conserve cash whilst the sale process progressed has further extended the company's cash runway and it is now forecast, but not certain, to last until the end of September 2025."
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It added: "Further announcements will be made in due course as appropriate."
Chris Leigh and Stephen Hodge, both directors of Versarien, are directors of Cambridge Graphene Limited, 2-DTech Limited and Versarien Graphene Limited.
Earlier in August, Versarien warned its shareholders not to expect any returns from the administration process.
The business posted a pre-tax-loss of £1.49m for the first half of the year and in June said it was owed nearly £4,000 by a Lancashire housebuilder that had gone into liquidation, adding to its financial troubles.