The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Press Release
25 July 2024
Ashington Innovation plc
("Ashington" or "the Company")
Fundraise
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company ("SPAC"), is pleased to announce that it has raised £200,000 (the "Fundraise") by way of a subscription for 10 million new ordinary shares at a price of £0.02 per share, conditional on Admission.
The Fundraise is at a 150% premium to the Company's share price of £0.008 as at 24 July 2024. This substantial premium is a validation of the Board's existing strategy to identify and acquire a company within the technology, financial technology ("fintech") and deep technology sectors to create a combined business which will generate increased value for the Company's shareholders.
The net proceeds of the Fundraise, once completed will be used for general working capital purposes as the Board of Directors continue to assess several potential acquisition targets. Ashington will update the market if and when these discussions are suitably advanced.
Application will be made for 10,000,000 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Equity Shares (Transition) category of the Official List and to trading on the Main Market of the London Stock Exchange plc, which is expected to occur on or around 8.00am on 31 July 2024 ("Admission").
Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 72,597,898.
Jason Smart, Director of Ashington Innovation, commented: "This fundraise - achieved at a significant premium to our current share price - is a vote of confidence in our management team and our strategy to build a world-leading combined company in the technology sector. This positions Ashington well for future growth."
For further information please contact:
| Ashington Innovation plc | |
| Jason Smart Non-Executive Director | via Tancredi +44 207 887 7633 |
| Tancredi Intelligent Communication Media Relations | |
| Helen Humphrey Charlie Hobbs Neha Dhakal | +44 7449 226 720 +44 7897 557 112 +44 7915 035 294 |
About Ashington Innovation plc
Ashington Innovation plc is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector, in particular the financial services technology and deep technology sectors.
The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.
The Company is not limited to any specific geographic region in identifying its target companies. www.ashingtoninnovation.com.
Forward-looking statements:
This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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