14th Apr 2020 17:12
(Alliance News) - Cash shell Motif Bio PLC on Tuesday noted the recent hike in its share price and said it is not aware of any material reason for the increase.
Shares in Motif Bio PLC closed 40% higher at 0.28 pence on Tuesday in London.
The cash shell said that no transaction is pending for the sale of subsidiary Motif Biosciences Inc's assets and there is still no guarantee that there will be a deal that will monetise the assets.
As Motif Bio became a cash shell in January, the company has until July 28 to make a reverse takeover, otherwise Motif Bio's shares will be suspended from trading on AIM. If no transaction is made six months after suspension, then the shares will be cancelled.
By Dayo Laniyan; [email protected]
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