Haydale Graphene Inds PLC (LSE:HAYD, OTC:HDGHF) shares traded lower after it placed its US subsidiary, Haydale Ceramic Technologies LLC (HCT), into a corporate insolvency process under Chapter 11 subchapter V in the United States.
The company, in a statement, said it intends to sell HCT’s assets through a court-supervised auction under section 363 of the US Bankruptcy Code. It followed a strategic review that found growth expectations for the US business had not materialised.
Haydale said several third-party companies have expressed interest in acquiring HCT’s assets.
In London, Haydale shares traded around 5% lower, at 0.11p each.