2nd Jun 2023 09:05
(Alliance News) - Ashington Innovation PLC on Friday said it expects to begin trading on the Main Market on the London Stock Exchange on Tuesday.
The special purpose acquisition company has raised gross proceeds GBP809,437, via issuing 27.0 million shares at 3 pence each. Subject to admission to the standard listing segment of the LSE, it would have 61.4 million issued shares, giving the firm a market cap of GBP1.8 million.
It will begin trading at 0800 BST on Tuesday under the ticker symbol "ASHI", subject to approval of its admission application.
Ashington is an English company founded by Jason Smart, who is one of its non-executive directors. Peter Eric Presland serves as its chair.
It said the initial public offering will help it to acquire a target company in the technology sector, with a particular focus on fintech and deep tech sectors. It has no specific expected target value for the acquisition., and said its prospective target business will not be limited to a particular industry or geographical area.
Among the criteria for a possible acquisition, Ashington will be looking to target companies that have a sustainable development or technological advantage, and "above average" business potential.
It will also be looking for leadership with a strong track record of generating growth for shareholders.
By Elizabeth Winter, Alliance News senior markets reporter
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