Business
Fundraise
Fundraise.
About this update from Ashington Innovation Plc
[{"type":"text","content":"\n\nThe 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.\n \nPress Release\n \n25 July 2024\nAshington Innovation plc\n \n(\"Ashington\" or \"the Company\")\n \nFundraise\n \nAshington 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.\n \nThe 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.\n \nThe 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.\n \nApplication 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\").\n \nUpon Admission, the total number of issued shares and the total number of voting rights in the Company will be 72,597,898.\n \nJason 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.\"\n \nFor further informatio...