REG - CYKEL AI PLC - Oversubscribed Capital raise of circa £750,000

Cykel AIAnnouncement

30/09/2024 07:00

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RNS Number : 1273G  CYKEL AI PLC  30 September 2024

Press Release

30 September 2024

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Cykel AI PLC

("Cykel" or "the Company")

Cykel Completes Oversubscribed Capital raise of circa £750,000 of new
capital.

Cykel AI PLC, a UK-based technology company specialising in artificial
intelligence ("AI")  products that can interact with any UI, website, or API
using natural language commands, is pleased to announce an oversubscribed
placing by Clear Capital Markets for a total of 14,285,714 new ordinary shares
("Placing Shares") of £0.01 each in the share capital of the Company
("Ordinary Shares") at an issue price of 5.25p (the "Placing Price") per
Ordinary Share, raising gross proceeds of circa £750,000 (before expenses)
(the "Placing").

The Placing Shares, when issued and fully paid, will rank pari passu in all
respects with the existing Ordinary Shares in issue and therefore will rank
equally for all dividends or other distributions declared, made or paid after
the issue of the Placing Shares.

Cykel AI remains committed to leading AI-driven solutions that optimise
operational efficiency and improve workflows; thereby allowing businesses to
save time and drive ROI with AI automations.

Jonathan Bixby, Founder and CEO of Cykel AI, said: "We are delighted to
complete an oversubscribed capital raise with Clear Capital.  This is a
testament to our product and partnership traction and we believe that this
financing will take us well through 2025 if we achieve our revenue goals."

As the global artificial intelligence market is experiencing unprecedented
growth, Cykel has successfully carved out a scalable and impactful segment by
leveraging machine learning and advanced language models to enhance
operational efficiencies. This strategic focus not only positions Cykel at the
forefront of AI innovation but also uniquely enables its partners to
streamline workflows, reduce time spent on repetitive tasks, and achieve
significant gains in efficiency and ROI.

Founded in 2023, Cykel AI specialises in developing scalable and innovative AI
products that optimise operational efficiency for businesses worldwide.
Cykel's automation solutions simplify repetitive tasks, enabling employees to
concentrate on strategic and important work. As businesses increasingly
recognise the transformative potential of AI-driven advancements, Cykel
continues to expand its client base, keeping pace with the exponential
adoption rates in the industry.

Use of net proceeds

The net proceeds of the Placing will be used to fund the Company's general
working capital requirements.

Total Voting Rights:

Application will be made to the Financial Conduct Authority ("FCA") for
admission of the Placing Shares to the standard listing segment of the
Official List and to the London Stock Exchange (the "LSE") for admission to
trading of the Placing Shares on the LSE's Main Market for listed securities
(together "Admission"). It is expected that Admission will take place at or
around 8.00 a.m. on or around 23 October 2024.

Following Admission, the Company confirms that its total issued share capital
will consist of 432,926,576 Ordinary Shares, with one voting right per
Ordinary Share. The Company does not hold any Ordinary Shares in treasury.
This figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change in their interest in, the share capital of
the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

 Cykel AI plc

 Jonathan Bixby       Via First Sentinel

 First Sentinel (Corporate Adviser)

 Brian Stockbridge    brian@first-sentinel.com (mailto:brian@first-sentinel.com)

  

                      +44 (0) 7858 888 007

 

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