(Alliance News) - Smarttech247 Group PLC said on Thursday that it intends to list on London's junior AIM market, in "a new and exciting chapter" for the cybersecurity services provider backed by Pires Investments PLC and RiverFort Global Opportunities PLC.
Pires and RiverFort noted the announcement, as did Conduity Capital PLC, which had previously planned to acquire Smarttech247.
The Cork, Republic of Ireland-based artificial intelligence-enhanced cybersecurity services provider Smarttech247 said it expects to list on the London Stock Exchange's AIM market on December 15.
"We are excited to announce our intention to float on AIM, which represents a new and exciting chapter for the company," Smarttech247 Chief Executive Officer Raluca Saceanu said.
"Smarttech247 has demonstrated the effectiveness of its products with its wide range of existing clients and is embarking upon a campaign to win new mandates across Europe and the USA. The AIM quotation will provide us with the chance to raise the company's profile, fund the development of our proprietary technology and expansion into new products and geographies. We are well positioned to grow and benefit from a number of industry trends."
Smarttech said it plans to raise GBP3.7 million at GBP0.2966 per share. It expects a market capitalisation of GBP36.8 million on admission.
RiverFort Global and Pires Investments both said they were pleased Smarttech247 formally announced its intention to list, having both invested in May 2021.
Conduity Capital said it would be reimbursed for all costs incurred over its proposed, and failed, reverse takeover of Smarttech247, which will then be used to subscribe for new shares in the initial public offering.
Back in August last year, Conduity announced plans to buy Smarttech247 for GBP33.5 million through the issue of new Conduity shares.
In September, however, Conduity said that Smarttech247 decided it will seek a quotation by way of a direct IPO rather than by a reverse takeover.
Pires Investments shares were up 4.3% at 3.60 pence each in London on Thursday afternoon. Riverfort Global was up 14% at 0.80p.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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