Conclusion of CDX process & Directorate changes

Nanoco Group PLC

26 January 2026

 

FOR IMMEDIATE RELEASE                                                                                                                     26 January 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").

Nanoco Group PLC

("Nanoco", the "Group", or the "Company")

Conclusion of CDX process

Directorate changes

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform, announces that, following an extensive exercise in relation to a potential sale of the Group's trading business as outlined in previous announcements (the "CDX Process"), the Board is no longer actively seeking a buyer. Instead, the Group intends to deliver comparable or superior value by carefully investing its resources in existing high-potential business areas, while minimising the Group's operating costs.

The CDX Process has been comprehensive and led to discussions progressing to an advanced stage with several counterparties, but not to firm offers. The process reiterated to the Board the critical importance of not just potential financial value as compared with the Group's current standalone prospects but also process complexity and execution risk (particularly, in certain cases, considerations around national security investment legislation).

During the same period, the Group made operational progress, including the commencement of a Joint Development Agreement ("JDA") with a second Asian chemical customer, and also the three-year extension of its JDA with its first Asian chemical customer.

In addition, having achieved a successful result in its litigation with LG Electronics Inc. in November 2025, the proceeds of which have now been received, the Group has now commenced proceedings against Shoei Chemical Inc. and Shoei Electronic Materials, Inc for the infringement of Nanoco's intellectual property and is expecting the case to come to trial within the calendar year 2026.

Having taken all of the above into consideration, the Board has concluded that the CDX Process is now unlikely to deliver a compelling transaction when the Group could instead deliver comparable or superior value by carefully investing its resources in existing high-potential business areas, while taking measures to reduce the Company's gross monthly cash operating costs to between £300,000 - £400,000.

In connection with this cost reduction programme and following the conclusion of the CDX process, Dmitry Shashkov, CEO, will leave the Group in February 2026 after a short handover period. Jalal Bagherli, currently Non-Executive Chairman, will become Executive Chairman. Liam Gray, currently Chief Financial Officer, will take up the role of Interim CEO. Liam has been with the Group for seven years and has a strong understanding of Nanoco's capabilities, operations and financial requirements.

The Non-Executive Board will be reduced in size to reduce cost, while still maintaining the appropriate balance of independent directors. Therefore, in addition to Dr Alison Fielding's previously announced retirement from the Board, Dieter May will also step down from the Board. Both Alison and Dieter will leave in April 2026.

The Board will continue to explore all options to both maximise shareholder value and preserve the Company's cash balance, and will update shareholders as appropriate.

Jalal Bagherli, Executive Chairman of Nanoco, said:

"We have undertaken a comprehensive process to assess our options for a potential sale of the Group's trading business. As we have been clear throughout, the Board's priority has been to secure a transaction that is executable and reflects the inherent value within the trading business versus its standalone prospects. We have also, in our assessment, been cognisant of the risks posed to Nanoco's standalone prospects by the Group's lack of scale and the inherent risk in litigation.

"As it currently stands, we believe that the process is now unlikely to deliver a compelling transaction when the Group could instead deliver comparable or superior value by carefully investing its resources in existing high-potential business areas.

"I would like to thank Dmitry for his tireless efforts during the process, working on development and implementation of Nanoco's organic growth strategy, in parallel with both the CDX process and LG Electronics litigation.

"I am grateful to Liam for agreeing to step into the Interim CEO role in addition to his CFO duties. Liam has been an invaluable part of the Nanoco executive team for a number of years, and I have full faith in his capabilities. He has a thorough understanding of the Company's operations and cost base, and has delivered significant reductions in the Group's costs to preserve shareholder value in the past.

"Equally, I would like to thank Dr Alison Fielding and Dieter May for their contributions to the Board over the last eight and two years respectively."  

- Ends -

MAR

The information contained within this announcement is considered by the Company to contain inside information for the purposes of UK MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Chief Financial Officer.

Nanoco Group plc:

Dmitry Shashkov, CEO                                                                                                                               [phone]

Liam Gray, CFO & Company Secretary

Sodali & Co (Public Relations)                                                                             

Elly Williamson                                                                                                                                           [phone]

Pete Lambie

Oliver Banks

[e-mail]

Cavendish Capital Markets Limited (Financial Adviser and Corporate Broker):

Ed Frisby / George Lawson (Corporate Finance)                                                                                 [phone]

Tim Redfern (Corporate Broking)

Jasper Berry (Sales)

Notes for editors:

About Nanoco Group plc

Nanoco (LSE: NANO) is a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform. In particular, Nanoco is a nanomaterial production and licensing group, specialising in the production of its patented cadmium free quantum dots (CFQD® materials) and other patented nanomaterials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside its existing scaled up production facilities for commercial orders.

Nanomaterials are materials with dimensions typically in the range 1 - 100 nm. Nanomaterials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nanomaterial that have size-dependent optical and electronic properties. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Sensor, Electronics and Display markets. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of display applications. Nanoco's HEATWAVE® quantum dots can be tuned to absorb light at different wavelengths across the near-infrared spectra, rendering them useful for applications including cameras and image sensors.

Nanoco is listed on the Main Market of the London Stock Exchange, holds the LSE's Green Economy Mark, and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com

 

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