HeiQ prepares to delist
Swiss chemicals supplier HeiQ has announced plans to delist from the London Stock Exchange. The announcement sent the stock price down 64% to 2 pence, as reported by the Dow Jones newswire. Today it is back up to 3 pence.
With the exception of its life sciences business unit, the company said it faced significant challenges in its textiles, flooring and antimicrobials business units. It has thus initiated a second cost-cutting plan to reduce expenses by an additional 20% by the end of 2025. This involves streamlining operations and relocating to its hubs in Portugal, the USA and Thailand.
Since it went public in 2020, HeiQ said it had developed four new technology platforms, including cellulosic fibre extrusion (AeoniQ), precision fermentation (biotech processes to make pre and probiotics), chemical vapour deposition (graphene applications) and particle synthesis. HeiQ has said it is seeking financing for its HeiQ AeoniQ venture, as well as for two other platforms, HeiQ GrapheneX and HeiQ Xpectra.
Photo: HeiQ Cool, a biobased cooling finish, applied on jeans.
