Business
Heads of Terms Signed
Heads of Terms Signed.
About this update from Ashington Innovation Plc
[{"type":"text","content":"\n\nThis announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.\n \nPress Release\n \n17 August 2023\nAshington Innovation plc\n \n(\"Ashington\" or \"the Company\") \n \nHeads of Terms Signed\n \nProposed Reverse Takeover of Cell Therapy Limited\n \nSuspension of Listing\n \nConditional Acquisition of Cell Therapy Limited\n \nAshington Innovation (LSE:ASHI), the Special Purpose Acquisition Company (SPAC) established to acquire businesses primarily in the technology sector, is pleased to announce that the Company has entered into a non-binding term sheet (the \"Term Sheet\") with Cell Therapy Limited (\"Cell Therapy\") pursuant to which Ashington Innovation will acquire 100% of the total issued equity for £135 million in an all share transaction (the \"Transaction\"). Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. \n \nThe Directors of Ashington Innovation consider the Transaction to represent a transformational, value enhancing transaction for shareholders, which is fully aligned with the Company's growth strategy. Cell Therapy's product and patent portfolio provides a platform to develop leading medicines, which have been validated in a human clinical trial and through granted patents in the US, UK, EU and Asia.\n \nTo fund the Transaction, Ashington Innovation will be seeking to carry out a placing of new ordinary shares to new and existing investors (\"Placing\") to raise funds of up to £3 million to finance the drug development program and working capital. As such, the Transaction is conditional, inter alia, on the completion of due diligence, definitive sale and purchase documentation, obtaining the necessary regulatory approvals from the FCA and the Takeover Panel, a successful Placing, and the passing of necessary resolutions to approve the Transaction by the shareholders of the Company at a duly convened general...