24 Nov 2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF REGULATION (EU) NO 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE (MARKET ABUSE REGULATION) AS RETAINED AS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED.
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
24 November 2022
DeepMatter Group Plc
Corporate Update
DeepMatter Group Plc (AIM: DMTR, "Deepmatter", the "Group" or the "Company"), the digital chemistry data and software company, today announces that it has been in discussions with its major shareholders and potential institutional investors in relation to securing capital to fund the future working capital requirements of the Group.
Following these discussions, the board of directors (the "Board") have concluded that the cancellation of trading in the Company's ordinary shares on AIM (the "Cancellation") and subsequent re-registration as a private limited company ("the Re-registration", together with Cancellation the "Delisting") will provide greater opportunities to raise additional capital. This view has been supported to date by major shareholders.
In reaching this conclusion the Board has considered the interests of the Company's shareholders as a whole and, in doing so, has had regard for its wider stakeholders.
Any Delisting would be conditional on shareholder approval and there can be no certainty that proposals for a Delisting will be approved. The Board intends to continue discussions with key stakeholders on the Delisting and a further announcement will be made in due course.
The Company anticipates it will seek to raise c.£1m from its major shareholders ahead of the Delisting, following which a more substantial capital raise would be pursued as a private limited company in 2023. This capital raise is being undertaken in order to fund the long term growth ambitions of the Company.
The Group continues to expect revenue for the current financial year to be no less than £1.5m and the Group has cash and short term receivables of £0.7m.
For more information contact
DeepMatter Group Plc 0141 548 8156 Fraser Benson, Chief Financial Officer
Canaccord Genuity Limited (Nominated Advisor and Broker) 020 7523 8000Bobbie Hilliam
Meare Consulting 07990 858548Adrian Duffield
About DeepMatter Group plc
DeepMatter's SmartChemistry™ platform enables scientists across a range of industries, including pharma, biotech, agri-science, scientific publishers and contract research organisations (CROs), to easily capture, access and exploit the vast amounts of data created in chemical reactions.
DeepMatter integrates its proprietary chemistry data and proprietary software to significantly improve productivity, efficiency, discovery, safety and sustainability of chemical reactions for its customers.
DeepMatter's SmartChemistry™ platform capitalises on the combination of its cloud technology, low cost-sensors, connectivity to laboratory hardware and high-performance computing trends such as artificial intelligence (AI).
Visit: www.deepmatter.io and follow @deepmattergroup