M Squared Lasers Completes Sale of Assets
GLASGOW, Scotland, Nov. 11, 2025 — M Squared Lasers has completed the sale of the company’s intellectual property, and other assets, to Novacene Photonics Limited, also based in Glasgow. In August, M Squared Lasers halted all trading before entering into administration. Shortly after that announcement, the photonics and quantum technology developer laid off 28 employees and appointed Alistair McAlinden and Geoff Jacobs of Interpath as administrators tasked with exploring all sales options.
The joint administrators reportedly considered several offers before granting preferred bidder status to Novacene, with the sales agreement deemed as the best outcome for the company. According to publicly available information from the U.K. government, Novacene was formed on Sept. 4, with Graeme Malcom and Nils Hempler serving as directors. Malcom and Hempler served, respectively, as CEO and COO of M Squared Lasers.
The price for the purchase of M Squared’s assets was not immediately available.
M Sqaured Lasers first made the magnitude of its financial struggles public when it released details of more-than $84 million in debt. At the time it ceased trading, the company still owed almost $50 million to the Scottish National Investment Bank, more than $18 million to Santander Bank, and about $4 million to Scottish Enterprise.
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