Insig AI - asset management-focused AI and machine learnings firm - Following reverse takeover of Catena Group PLC, is admitted to trading on London's AIM with 98.7 million shares in issue, giving a market capitalisation of GBP88 million.
In initial public offering, raised GBP6.1 million through placing of 9.2 million new shares at 67 pence per share, a 14% premium to Catena's closing price of 59p, the date before shares were suspended from trading.
Funds will go towards working capital purposes, and investing in Insig AI's team of developers, engineers, and sales & marketing personnel.
"Our listing today will accelerate the development of Insig AI. We believe there is a huge market opportunity as the environment for asset managers and other investment professionals becomes more challenging with limited organic growth, volatile market returns, and pressure on fees," says Chief Executive Officer Steve Cracknell.
Current stock price: 87.00 pence
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Insig Ai Plc (INSG)