DeepVerge shares suspended as it faces sale, closure or administration of all subsidiaries

LONDON, UK: DeepVerge plc (AIM: DVRG), an environmental and life science artificial intelligence company, has announced that trading of its shares on AIM will be temporarily suspended from 7.30 a.m. Monday, pending clarification of its financial position.

The company said that it has been unable to sell one or more of its principal business units – Labskin, Modern Water and Glanaco – on a timely basis, despite receiving indicative offers. The company also said that it has been operating from a limited working capital position and is unlikely to have sufficient funds to pay its debts as they fall due.

The board of DeepVerge has therefore decided to no longer support the ongoing costs of these businesses, and is seeking to realise whatever value is possible through the sale of one or more of the business units. The board’s current expectation is that this process will result in the sale, closure or administration of all group subsidiaries.

DeepVerge plc is not a trading company and has no operating revenues. It currently has around £0.2m of net liabilities, and further liabilities are expected to crystallise shortly.

DeepVerge was founded in 2016 as a subsidiary of Hikurangi Enterprises, a community enterprise based in Ruatorea​ on the East Coast of New Zealand. It is a vertically integrated business, collaborating technology platforms with partners in AI, clinical research, medical device, life science and environmental science.

Its products include Labskin, a lab-grown human skin model with AI assisted testing platform; Modern Water, a provider of water monitoring and treatment solutions; and Glanaco, a developer of eco-friendly cleaning products.

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