Polarean Imaging plans AIM exit as seeks USD20 million funding

(Alliance News) - Polarean Imaging PLC on Friday proposed cancelling the admission of its shares to AIM and re-registering as a private limited company, saying the move would improve access to capital as it seeks about USD20 million in new funding.

The medical imaging technology company said its current cash runway extends only into the second quarter of 2026.

The company said it must raise additional capital from strategic or financial investors in the coming months, and that potential investors have indicated a preference for backing private companies.

Polarean has called a general meeting for December 15 to seek shareholder approval for the AIM cancellation, which would take effect on December 23.

The company said the decision to delist follows a broad review of options to "maximise long-term shareholder value", including cost reductions and operational changes.

After assessing its position, the board concluded that a private company structure would allow the business to lower costs, operate more flexibly and raise capital on more favourable terms.

"The company requires approximately USD20 million additional funding to execute its business plan to achieve profitability," the board said. "Based on feedback…potential strategic and financial investors typically prefer companies to be private before making an investment in them. Therefore, being a private company could improve the company's ability to access the capital it needs."

Polarean further argued that its public market valuation has become a barrier to raising money. The board believes the shares are trading below intrinsic value and that any equity raise on the public market would be "significantly dilutive" to existing shareholders.

Shares in Polarean Imaging closed down 22% at 0.11 pence in London on Friday. It has a GBP1.3 million market capitalisation.

By Eva Castanedo, Alliance News reporter

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