Gloo Networks No Longer Considering Reverse Takeover

28th Mar 2018 13:32

LONDON (Alliance News) - Gloo Networks PLC said Wednesday that it is no longer considering a reverse takeover and is continuing to review acquisition opportunities, following recent discussions with a potential target.

The company's cash balance is expected to be between GBP12 million and GBP14 million at March 31.

Gloo listed in 2015 through an initial public offering which raised GBP30.0 million. It was formed to acquire "trusted consumer brands" and enhance their business model through application of technology and data analytics.

Shares in the company were trading 63% lower at 35.04 pence on Wednesday.