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Net Zero Infrastructure PLC - special purpose acquisition company focused on renewable or clean energy technology companies - Reports financial results for the half-year that ended September 30, as works toward completing a reverse takeover. Net loss is GBP277,849, steady from GBP285,605 a year earlier. Net Zero has no revenue, so the loss is entirely composed of administrative expenses. It has GBP254,271 in cash in September, down from GBP888,038 a year before.
Net Zero paid advisory fees for its proposed acquisition of Line Hydrogen (Australia) Pty Ltd, a deal that was aborted early last month. Since then, Net Zero announced the signing of a non-binding letter of intent with QuiaPEG Pharmaceuticals Holding AD for a deal that would constitute a reverse takeover. QuiaPeg has a patented drug-delivery platform called Uni-Qleaver, and it develops improved and patentable forms of drugs under development or already approved by regulatory authorities. QuiaPEG's shares trade on the Nasdaq First North Growth Market.
Net Zero shares are suspended from trading on the London Main Market.
By Tom Waite, Alliance News editor
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