taken a punt10 Jan 2018 09:02
only 50million shares
4million cash in bank
newly listed
IQ Limited (LSE: AIQ) (�AIQ� or the �Company�), a special purpose acquisition company (�SPAC�) incorporated in the Cayman Islands and formed to undertake one or more acquisitions of target companies or businesses in the e-commerce sector, is pleased to announce the admission of its ordinary shares to the standard listing segment of the Official List of the UK Listing Authority and that trading in its ordinary shares will commence on the London Stock Exchange's main market for listed securities at 8 a.m. GMT today, under the ticker AIQ (�Admission�) and with the ISIN number KYG0180A1022.
The Company has successfully raised gross proceeds of approximately �4 million (before expenses) through subscriptions at a subscription price of 8 pence per subscription share. Following Admission, the Company will have 50,000,000 ordinary shares of par value of 1 pence each in issue.
Highlights
Following Admission, AIQ is seeking to acquire one or more target companies or businesses in the e-commerce sector with a particular focus on opportunities in data mining, artificial intelligence technologies and social and online media such as instant messaging platforms. While not limited to a particular geographic region, the directors expect they will initially focus on acquiring companies or businesses in Europe, the US and/ or Asia;
Strong board with considerable knowledge and experience of the social media and the online e-commerce sector in general, particularly with respect to the integration of technologies and social media to e-commerce business to increase the competitive advantage;
The acquisition strategy of AIQ will be focussed towards companies or businesses which:
are run by a management team with a strong track record for generating growth for shareholders and a proven experience business record; and/ or
have attractive commercial prospects within the e-commerce or social marketing sectors in general; and/ or
are within lower risk jurisdictions, within countries with a strong focus on protecting investors� interests, low sovereign risk and those that encourage and incentivise investment; and/ or
have revenues which offer the potential for near-term positive cash flows; and/ or
can be funded adequately and be capable of delivering a realistic plan of achieving credible milestones and significant growth opportunities for shareholders.
Following any acquisition the Company will implement an operating strategy to generate value for its Shareholders through;
operational improvements;
potential complementary acquisitions; and
re-admission of the enlarged group to listing on the Official List and to trading on the London Stock Exchange, or to another exchange.
Copies of the Prospectus, published by the Company on 4 January 2018