21st Aug 2023 11:11
(Alliance News) - Ashington Innovation PLC on Monday said that it has received approval for its ordinary shares to start trading on the Frankfurt Stock Exchange.
The special purpose acquisition company will trade under the ticker symbol "6FW".
"We are thrilled to announce the listing of our shares on the Frankfurt Stock Exchange. As one of the largest exchanges in the world, our dual-listing will enhance trading liquidity and facilitate investment in Ashington by institutional and retail investors across Europe," said Founder Jason Smart.
Last week, the firm's shares were suspended from trading in London, following news that it has agreed to acquire Cell Therapy Ltd in a GBP135 million reverse takeover.
As part of the transaction, the special purpose acquisition company said it plans to carry out a placing of new shares to new and existing investors, aiming to raise up to GBP3 million to finance a drug development program and provide working capital.
The transaction is conditional on the completion of due diligence, regulatory approvals from the UK Financial Conduct Authority and Takeover Panel, a successful placing of shares and shareholder approval, among other conditions.
Ashington Innovation, which began trading on London's Main Market in early June, said Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines and a lead programme that "successfully completed an early-stage human clinical trial in heart failure".
As the transaction would represent a reverse takeover, Ashington Innovation's shares were suspended from trading in London on Thursday, pending the publication of a prospectus or the deal collapsing, as required under the London Stock Exchange listing rules.
Ashington Innovation shares were flat at 2.75 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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