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24 Jan 2024 07:00
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Press Release
24 January 2024
Ashington Innovation plc
("Ashington" or "the Company")
Termination of Proposed Reverse Takeover
On 17 August 2023, Ashington Innovation plc announced the signing of a non-binding term sheet with Cell Therapy Limited ("Cell Therapy") to acquire 100% of Cell Therapy's total issued equity in an all-share transaction (the "Transaction"). The Company announces today that it has terminated negotiations in relation to the Transaction and the Transaction will no longer proceed.
Both the Company and Cell Therapy have spent considerable time and effort on the due diligence process, negotiating definitive terms and preparing the required transactional and listing documentation, but given current market conditions it was not certain that the required funding for the Transaction would be available. The Board has therefore concluded that it was no longer in the best interests of shareholders to proceed. As the Company's additional proposed acquisition of Calon Cardio-Technology Limited, announced on 24 August 2023, was conditional on the takeover of Cell Therapy, this acquisition will also no longer proceed.
Ashington's ordinary shares were suspended from trading on 17 August 2023 while the details of the Transaction were finalised and the required information is published, or the Transaction was terminated. As the Transaction has been terminated, the Company will make an application to the FCA to request that the suspension of the trading of ordinary shares be lifted.
The Company will continue to evaluate other acquisition opportunities in the technology sector that it believes will be accretive to shareholder value. A further announcement will be made in due course.
For further information please contact:
Ashington Innovation plc | |
Jason Smart Non-Executive Director | via Tancredi +44 207 887 7633 |
Tancredi Intelligent Communication Media Relations | |
Helen Humphrey Charlie Hobbs Jasmine Gadhavi ashington@tancredigroup.com | +44 7449 226 720 +44 7897 557 112 +44 7931 435 236 |
About Ashington Innovation plc
Ashington Innovation PLC is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector, in particular the financial services technology and deep technology sectors.
The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.
The Company is not limited to any specific geographic region in identifying its target companies. www.ashingtoninnovation.com.
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