Mustang Energy PLC (LSE:MUST) entered into a non-binding heads of terms to acquire Cykel AI PLC (OFEX:CYK) on January 19, 2024. Under the terms, 1.844 new Mustang shares for each Cykel share held. It is currently expected that should the Proposed Acquisition proceed to completion, subject to FCA approval the prospectus will be published during Q2 2024. The Proposed Acquisition if made is conditional upon satisfaction or waiver of certain conditions, including the satisfactory completion by each of the parties of financial, legal, and commercial due diligence. Scheme of arrangement being approved by the requisite percentage of Cykel's shareholders and being sanctioned by the High Court of Justice in England and Wales. Mustang and Cykel obtaining the necessary shareholder, third-party, court approval, and regulatory approvals. As on February 16, 2024, Mustang and Cykel today jointly announce that the Takeover Panel has consented to an extension to the Deadline on March 15, 2024. The Deadline may be further extended with the consent of the Panel, at Cykel's request. As of March 14, 2024, the terms of deal revised from 1.844 new Mustang shares for each Cykel share held to 1.911 new Mustang shares for each Cykel share. As on April 12, 2024, Mustang and Cykel jointly announce that the Takeover Panel has consented to an extension to the Deadline until on May 10, 2024. The Deadline may be further extended with the consent of the Panel, at Cykel's request, in accordance with Rule 2.6(c) of the Code. Discussions between Mustang and Cykel remain ongoing and the draft prospectus for the issue of the new Mustang shares to Cykel shareholders remains in the review process of the Financial Conduct Authority (the FCA).

Ross Andrews of Guild Financial Advisory Limited acted as financial advisor to Mustang Energy PLC. Dominic Berger of Capital Plus Partners Limited acted as financial advisor to Cykel AI PLC.