Beleaguered Gloucestershire engineering firm Versarien says it is in talks over a "specific offer" for the business and assets.
In a corporate update on Monday (September 29), the Longhope-based graphene maker said it was "progressing discussions" for a deal it considered would provide the best outcome for shareholders and creditors.
The AIM-listed group, which has already placed a number of its businesses in administration, said any transaction would need to be approved by the government's Investment Screening Unit and Innovate º£½ÇÊÓƵ.
In August, the Chancellor of the Duchy of Lancaster blocked the proposed sale of Versarien assets to a Chinese joint-venture on security grounds.
Depending on the final details of the latest offer, Versarien said in a statement that its board may decide to undertake a solvent liquidation or the company may be designated as an AIM Rule 15 cash shell.
If it becomes a cash shell it will be required to make a significant acquisition within six months to avoid suspension from the market.
Versarien said: "The company's actions to conserve cash continue and it is now anticipated that it can operate until the end of October by generating revenue from graphene sales and with the cooperation of its creditors.
"The company is not yet in a position to disclose the details of the proposed transaction as these are currently being negotiated, but it hopes to do so as soon as possible, although there is no certainty of successfully concluding any transaction."
The business added that further announcements would be made "in due course as appropriate".
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 appointed advisory firm Leonard Curtis to sell off certain assets from the group's º£½ÇÊÓƵ tech companies.
