(Alliance News) - UK SPAC PLC on Monday said it received approval from UK Financial Conduct Authority for re-admission to trading on the London Main Market, following its reverse takeover of Hellenic Dynamics SA, whose name it will assume.
The London-based special purpose acquisition company, soon to be a European medicinal cannabis firm, said a general meeting of UK SPAC shareholders will take place on Thursday. It expects its enlarge share capital to start trading next Monday.
The company is backed by Tel Aviv-based, London-listed medical cannabis company Kanabo Group PLC, which bought an interest of GBP750,000 worth of shares in Hellenic Dynamics in May.
"It is our aim to be the supplier of choice to the NHS of high quality, competitively priced and fully regulated THC-dominant medical cannabis," Hellenic Dynamics Chief Executive Officer Davinder Rai said, noting that 26% of the UK population is suffering from chronic pain.
The reverse takeover entails the purchase of 10.4 billion of ordinary shares at a price of 0.3 pence each. This price was determined after it was agreed Hellenic Dynamics's market valuation had fallen to around GBP31.2 million. It was initially valued at GBP45.2 million on August 2, when the initial terms of the transaction were announced.
By Tom Budszus; tombudszus@alliancenews.com
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