18th Dec 2019 11:40
(Alliance News) - TechFinancials Inc on Wednesday said that it will leave London's AIM market, saying the costs of maintaining its listing there are "disproportionate to the benefits."
TechFinancial shares were down 37% on AIM at 0.73 pence.
The company, which develops trading software using blockchain technology, said that it will continue to be listed on the NEX exchange as it believes it is a "more appropriate market for blockchain companies with low revenues".
In the six months ended June, TechFinancials recorded a USD1.1 million pretax loss, swinging from a USD8.5 million profit a year prior, as revenue dropped to USD2.1 million from USD3.8 million.
In October, TechFinancials announced that it had completed a share purchase agreement to sell its entire holding in MarketFinancials Ltd as the asset was loss-making.
Earlier in December, the company said it is closing DragonFinancials, as the subsidiary had been hit by an "increasingly challenging" regulatory environment, leading to losses in 2018 which had continued.
The company will cancel its admission to AIM subject to shareholder approval at a general meeting scheduled for January 10.
By Ife Taiwo; [email protected]
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