Shares Up on News of Winning Bid

By: Tomas Ronolski - AllPennyStocks.com News

Monday, August 29, 2022

While not many people know about graphene, its uses are many, including faster and more efficient electronics, DNA sequencing, and drug delivery. This company is looking to expand and accelerate its downstream market access in the attractive battery anode material market.

World-leading graphene company NanoXplore Inc. (TSX: GRA) announced that it was the winning bidder for a significant portion of the assets of XG Sciences Inc. Per the company’s press release, the sale, conducted by XG’s senior secured creditor, NanoXplore and the senior creditor have entered into an asset purchase agreement pursuant to which NanoXplore is acquiring XG’s mechanical milling platform, research and development lab and all issued and pending patents and trademarks, among other items. The payment of this transaction is paid in cash without any share issuance.

Before ceasing operations in July, XG Sciences specialized in the production of graphene nanoplatelets and the formulations of advanced materials that amplify product performance across diverse applications such as Lithium-ion battery anode materials, automotive, packaging, composites, concrete, and other industrial markets. NanoXplore is looking to move XG Science's assets to a dedicated battery material R&D facility in Canada.

Shares of NanoXplore were up in morning trade.

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