UK SPAC More Acquisitions hits record low as Megasteel backs out of deal
01/06/2023 12:32
** Shares of UK-based SPAC More Acquisitions TMOR.L falls
as much 34.7% to all-time low of 0.62 pence
** TMOR among top losers across London stocks after
Megasteel Ltd pulls out of planned merger with More
** FCA has lifted suspension on TMOR share trading on Weds,
a day after Megasteel pulled out of the deal
** TMOR shares were suspended in Sept 2022 after the SPAC
conditionally agreed on a reverse takeover of Megasteel Ltd
** More says has cash balance of 782,250 pounds and that it
continues to seek a transaction that will create value for all
shareholders, in a statement released on Wednesday
** Including session's losses, stock is down 28.42% YTD
(Reporting by Shreyaa Narayanan in Bengaluru)
((Shreyaa.Narayanan@thomsonreuters.com))