REG - Ashington Innovation - Termination of Proposed Reverse Takeover

Ashington InnovationAnnouncement

24/01/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240124:nRSX6796Aa&default-theme=true

RNS Number : 6796A  Ashington Innovation PLC  24 January 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

 

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                                                        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

 Jasmine Gadhavi                                                    +44 7931 435 236

 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) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDQKNBNFBKDPDB