21st Dec 2022 13:45
(Alliance News) - Hydrogen Utopia International PLC on Wednesday said the start of trading of its shares on the London Main Market has been delayed, and the shares will not be able to continue trading on Aquis Stock Exchange once they do.
Hydrogen Utopia is a London-based developer of mixed plastic waste-to-fuel technology.
Its admission to trading on the London Stock Exchange's Main Market, which was due to take place Wednesday.
Hydrogen Utopia explained that the delay is due to "highly technical reasons arising from the interaction of the rules and regulations relating to the Main Market and AQSE rules".
As a result of discussions with Aquis and the UK Financial Conduct Authority, the company said, "it has become apparent that HUI cannot retain that Aquis listing once admission [to the London Main Market] has taken place".
Hydrogen Utopia added that it has therefore been requested to publish a supplementary prospectus, making it clear that it cannot retain that Aquis listing and explaining the implications of that in advance of the LSE admission. It will retain the AQSE listing until the London Main Market admission occurs.
Hydrogen Utopia said it is working with its advisers and the FCA to resolve the issue, and the process of preparing the supplementary prospectus is underway. It expects that it will be able to announce a new admission date "very shortly".
"The directors of HUI strongly regret any inconvenience this delay may cause existing or potential investors, which has arisen due to circumstances beyond their control and is not a reflection of any business or commercial issue in relation to the company," Hydrogen Utopia said.
Shares in Hydrogen Utopia were flat at 14 pence each on the Aquis Exchange on Wednesday afternoon.
By Sophie Rose, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2022 Alliance News Ltd. All Rights Reserved.
Related Shares:
Hydrogen Utopia