21st Oct 2019 14:49
(Alliance News) - App management platform appScatter on Monday said its shares have been delisted from AIM.
appScatter in April announced its intention to buy Airpush Inc in a reverse takeover, with the London-listed firm's shares being suspended, accordingly, until it was able to publish an admission document in relation to the proposed acquisition, or confirm that the acquisition would not be going forward.
In accordance with AIM rules, appScatter's shares will be cancelled seeing as they have been suspended from trading for six months.
The company said it has been unable to secure sufficient funding to sign off on a working capital statement within an admission document. However, the directors continue to believe that a merger with Airpush is in the company's best interests, and it will be working towards a merger while delisted.
"Within the next week the company intends to send a notice to shareholders of a general meeting to approve the proposed acquisition, and at the appropriate time intends for the enlarged group to seek admission to AIM once sufficient funding has been secured," the firm explained.
"A significant portion of the work carried out on due diligence and documentation for the proposed reverse takeover would be capable of being re-used to produce an admission document for listing as a new applicant."
By Lucy Heming; [email protected]
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