(Alliance News) - BiON PLC on Wednesday confirmed that it will not complete a reverse takeover within the six-month period from its shares being suspended from trading on AIM.
BiON became a cash shell following completion of the disposal of its operating business in April 2022.
As a result of not announcing a reverse takeover within six months of becoming an AIM Cash Shell, trading in the company's shares was suspended on AIM in October. They were suspended at 0.15 pence each.
BiON's shares will be cancelled on Thursday morning.
In January, BiON reported that its pretax loss for the six months to October 31 narrowed to GBP99,000 from GBP1.7 million, as administrative expenses fell to GBP99,000 from GBP898,000. It recorded no revenue, down from GBP98,000 the year prior.
By Sophie Rose, Alliance News reporter
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