(Alliance News) - Ashington Innovation PLC on Tuesday said it has began trading on London's Main Market, in hopes of buying company in the technology sector.
On Tuesday, the special purpose acquisition company said its shares were admitted to trading on the standard listing segment on the London Stock Exchange's Main Market. Its share capital consists of 61.4 million shares.
The stock will trade under the ticker 'ASHI.'
On Friday, the company said it had raised gross proceeds GBP809,437, via issuing 27.0 million shares at 3 pence each.
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.
"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," Ashington said.
By Sophie Rose, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
