UK's Cellular Goods plummets on termination of proposed acquisition

CEL AI

08/02/2023 10:13

** Shares of UK-based wellness company Cellular Goods Plc
 CBX.L  fall as much as 35% to a record low of 0.42p
    ** Co terminates negotiations in relation to proposed
acquisition of Cannaray Brands Ltd and Love CBD Health Limited
from Cannaray Ltd
    ** CBX says due to changes in the deal, it was
not in best interest of shareholders to proceed with deal
    ** Adds co has been proactively reviewing its product range,
proposition, financials, strategy and opportunities
    ** Stock among top pct. losers across London stocks
    ** If losses hold, stock set to post biggest intra-day pct.
loss in almost a month
    ** Stock was down 25% YTD, as of last close; it fell 91% in
2022
 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))