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New Energy One to cease operations, will not seek business combination

1st Mar 2024 16:06

(Alliance News) - New Energy One Acquisition Corp PLC on Friday said it will cease all operations and not pursue a business combination, in order to wind up the company.

The special purpose acquisition company said the board decided it was in the best interests of the company, having considered "a range of options" for a business combination and having had discussions with "some excellent companies".

"However, given the current challenging UK public equity market conditions, the Board has concluded that a successful business combination cannot be completed by March 15, 2024," the company said.

"It would be inappropriate to incur further expenses in attempting to conclude a business combination, and thus the board has made the difficult decision to redeem the public shareholders and cease operations, except for the purposes of winding up."

New Energy One said it intends to give notice to the UK Financial Conduct Authority and London Stock Exchange for the cancellation of its shares trading on the Main Market in London.

A further announcement will be released in "due course", New Energy One said, setting out the redemption process for shareholders.

Shares in New Energy One were untraded at 1,395.00 pence each in London on Friday afternoon.

By Greg Rosenvinge, Alliance News senior reporter

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