10th Jan 2022 10:12
(Alliance News) - Digital media-focused special purpose acquisition vehicle Electric Guitar PLC on Monday said it intends to float on the Main Market of the London Stock Exchange as soon as Tuesday.
The company will conduct a placing of 40.0 million shares at a price of 3.0 pence each to raise GBP1.2 million. Once admission take place, Electric Guitar will have 57.9 million shares issued and a market capitalisation of GBP1.7 million.
Electric Guitar was established in 2021 with the intention of acquiring a company in the digital media sector, with a particular focus on the digital advertising market.
The company said that listing on the London Main Market will make its shares attractive both to investors and the vendors of potential target companies or businesses.
In August 2021, new rules came into effect on the London Stock Exchange whereby special purpose acquisition companies will no longer be suspended from trading when they announce a deal.
Alexander David Securities is acting as corporate adviser, and Axis Capital Markets as placing agent and broker.
Electric Guitar expects to start trading on Tuesday.
By Dayo Laniyan; [email protected]
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