REG - Ashington Innovation - Fundraise

Ashington InnovationAnnouncement

25/07/2024 07:00

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RNS Number : 7440X  Ashington Innovation PLC  25 July 2024

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

 

25 July 2024

Ashington Innovation plc

 

("Ashington" or "the Company")

 

Fundraise

 

Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition
company ("SPAC"), is pleased to announce that it has raised £200,000 (the
"Fundraise") by way of a subscription for 10 million new ordinary shares at a
price of £0.02 per share, conditional on Admission.

 

The Fundraise is at a 150% premium to the Company's share price of £0.008 as
at 24 July 2024. This substantial premium is a validation of the Board's
existing strategy to identify and acquire a company within the technology,
financial technology ("fintech") and deep technology sectors to create a
combined business which will generate increased value for the Company's
shareholders.

 

The net proceeds of the Fundraise, once completed will be used for general
working capital purposes as the Board of Directors continue to assess several
potential acquisition targets. Ashington will update the market if and when
these discussions are suitably advanced.

 

Application will be made for 10,000,000 new ordinary shares, which will rank
pari passu in all respects with the existing ordinary shares of the Company,
to be admitted to the Equity Shares (Transition) category of the Official List
and to trading on the Main Market of the London Stock Exchange plc, which is
expected to occur on or around 8.00am on 31 July 2024 ("Admission").

 

Upon Admission, the total number of issued shares and the total number of
voting rights in the Company will be 72,597,898.

 

Jason Smart, Director of Ashington Innovation, commented: "This fundraise -
achieved at a significant premium to our current share price - is a vote of
confidence in our management team and our strategy to build a world-leading
combined company in the technology sector. This positions Ashington well for
future growth."

 

For further information please contact:

 Ashington Innovation plc
 Jason Smart                                                        via Tancredi +44 207 887 7633

 Non-Executive Director
 Tancredi Intelligent Communication

 Media Relations
 Helen Humphrey                                                     +44 7449 226 720

 Charlie Hobbs                                                      +44 7897 557 112

 Neha Dhakal                                                        +44 7915 035 294

 ashington@tancredigroup.com (mailto:ashington@tancredigroup.com)

 

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
(http://www.ashingtoninnovation.com) .

 

Forward-looking statements:

This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.

 

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