REG - Acceler8 Ventures - Cessation of Proposed Acquisition

Acceler8 VenturesAnnouncement

17/06/2025 16:45

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RNS Number : 2440N  Acceler8 Ventures PLC  17 June 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

17 June 2025

ACCELER8 VENTURES PLC

Cessation of Proposed Acquisition

and

Restoration of trading

and

Funding update

Acceler8 Ventures Plc (LSE: AC8, "AC8" or the "Company"), the Main Market
listed acquisition company, announces that further to the announcement of
AC8's Proposed Acquisition of Verifyyed, Inc. ("Verifyyed") on 17 December
2024, the Board of AC8 has determined that it will not be proceeding with the
Proposed Acquisition after failing to reach agreement with Verifyyed's board
of directors.  AC8 understand that Verifyyed have resolved to secure private
capital in the US rather than proceeding with the Proposed Acquisition, and
while this is a disappointing outcome for our shareholders in the short term,
we wish Verifyyed well in that regard.

As a result, the Company would like to advise that, further to this
announcement, it has requested that the suspension of the Company's listing be
lifted by the Financial Conduct Authority as soon as possible to enable
trading of the Company's shares to resume.

AC8 continues to seek alternative attractive targets and the Company is
evaluating a number of new opportunities following an uptick in interest from
various entities that are keen to pursue a London listing.  In the near term,
AC8 anticipates that it will issue convertible loan notes to new incoming
investors in order to raise funds to support the Company's modest working
capital requirements in pursuit of an alternative transaction.  The Proposed
Convertible Loan Note Issuance announced on 23 January 2025 to raise up to
£750,000 in connection with the Proposed Acquisition will no longer be
pursued.

The Company will make further announcements in due course, as appropriate.

Inside Information

 

This announcement contains inside information as defined in Regulation (EU)
No. 596/2014 on market abuse which is part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with
the Company's obligations under article 17 of MAR. The person responsible for
arranging the release of this announcement on behalf of AC8 is David Williams,
Chairman of AC8.

 

Enquiries:

 

 Tessera Investment Management Limited
 Tony Morris                            +44 (0) 7742 189145

 

 

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