Mustang Energy PLC - London-based special purpose acquisition company - Announces with Cykel AI PLC that the pair have extended the deadline for Mustang to make a firm decision or offer for Cykel to March 15 from February 16. In January, Mustang entered into a non-binding heads of terms deal to acquire the entire share capital of Cykel, a London-based software firm specialising in advanced artificial intelligence products, through the issue of 1.844 new Mustang shares for each Cykel share. The deadline may be further extended at the request of Cykel, Mustang says.
Mustang says that discussions with Cykel are ongoing, with a draft prospectus for the issue of new Mustang shares in the review process of the UK Financial Conduct Authority.
Mustang Energy current stock price: suspended at 30.60 pence each since April 2021.
Cykel AI current stock price: flat at 9.25p each on Aquis stock exchange
Cykel 12-month change: more than tripled from 3.00p
By Hugh Cameron, Alliance News reporter
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Mustang Energy (MUST)