CrayoNano puts assets up for auction
In a sad story of an innovative firm running into funding problems, CrayoNano, the Norwegian UV-C LED company, has filed for bankruptcy and is now auctioning its assets.
Back in August 2024, the company announced record shipments to the drinking water disinfection market in North America, and around the same time raised $1.5M (16.2 million NOK) capital in a private placement.
But there continued to be liquidity problems, despite the company's management and board working hard to raise capital to sustain operations and facilitate the long-term business plan.
Early December 2024, despite interest from several investors in a subscription for a Convertible Loan to raise a minimum of around $1.4 (15 million NOK), CrayoNano did not receive enough subscriptions to cover it.
The company continued discussions with potential industrial partners but eventually exhausted all options to secure short-term financing. In January this year, it came to the end of the line and filed for bankruptcy.
The auction to acquire CrayoNano’s complete technological assets ends on March 17 at 2:00 PM Norwegian time. This includes patents, research materials, hard disks and servers.
Interested parties are encouraged to participate in the auction (details via the link here.)
