12th Apr 2024 12:26
(Alliance News) - Mustang Energy PLC on Friday said its acquisition of Cykel AI PLC has been delayed.
Mustang, a London-based special purpose acquisition company focused on energy storage and stationary battery assets, announced in January that it had made a deal to acquire Cykel.
The non-binding agreement outlined that Mustang would buy the London-based artificial technologies firm for GBP19.2 million.
On both February 16 and March 15, the deadline for Mustang to confirm its intention to go ahead with the acquisition was extended.
Since then discussion between the two companies remain ongoing and a further extension has been confirmed.
Mustang will now have until May 10 to make a decision, although an additional extension remains possible.
Mustang and Cykel shares are currently suspended.
By Elijah Dale, Alliance News reporter
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