Shares of Applied Graphene Materials PLC (LON: AGM) today plunged 6.36% despite the company celebrating the launch of a new auto care product that uses its graphene dispersion technology.
The product was launched by Halo Autocare, which now sells two products that use Applied Graphene Materials’ technology.
Adrian Potts, the CEO of Applied Graphene Materials said: “Our graphene products have demonstrated exceptional performance in an increasingly broad range of applications and our focus on delivering graphene nanoplatelets in a format that makes them easy to adopt in practical applications is supporting continued product momentum,”
Adding:
“Our strategy at this stage in our growth cycle has been to demonstrate the practical utility of graphene-based dispersions at innovative businesses that see the value of new technology opportunities. Halo fits this category well, as natural innovators in their field, with a focus on the commercialisation of differentiated products,”
However, it seems like investors did not share his enthusiasm about the new product, maybe because Halo Care already sells one product that uses the company’s graphene technology.
Applied Graphene share price
Applied Graphene shares today plunged 6.36% to trade at 40.3p having fallen from Thursday’s closing price of 43p.