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Ashington Innovation plc announced on 05 September 2023 that it continues negotiations and formal due diligence to acquire Cell Therapy Limited and Calon Cardio-Technology Limited, noting no binding agreement has been reached. The proposed acquisition of Calon is dependent on the Cell Therapy transaction, while the Cell Therapy acquisition is not dependent on Calon. Separately, Ashington terminated the appointment of its broker, SI Capital, following a breach of confidentiality and is now seeking a new sole broker.
| Date | 5 Sept 2023 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 3475L |
Press Release
5 September 2023
Ashington Innovation plc
("Ashington" or "the Company")
Update on Cell Therapy Ltd and Calon Cardio-Technology Ltd Discussions
Change of Broker
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, announces that further to the announcement of August 24, the Company continues to pursue negotiations to acquire Cell Therapy Limited ('Cell Therapy') and Calon Cardio-Technology Limited ('Calon') in accordance with the signed heads of terms.
By way of clarification, the proposed acquisition of Calon is dependent on a successful close of the Cell Therapy transaction. However, the proposed acquisition of Cell Therapy is not dependent on an acquisition of Calon.
Ashington can confirm that discussions have continued between the parties and that the Company is continuing its formal due diligence process. As no binding agreement has yet been reached, the Company cannot guarantee that either proposed acquisition will complete.
Ashington also announces that following a breach of confidentiality by its broker, SI Capital, the appointment of SI Capital has been terminated and the Company is seeking to appoint a new sole broker experienced in the transactions being considered which is in line with its broader strategy to create a material regenerative medicine group.
The Company will provide further updates as and when appropriate.
For further information please contact:
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Ashington Innovation plc |
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David Orchard General Counsel |
via Tancredi +44 207 887 7633 |
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Tancredi Intelligent Communication Media Relations |
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Helen Humphrey Charlie Hobbs Jasmine Gadhavi ashington@tancredigroup.com |
+44 7449 226 720 +44 7897 557 112 +44 7931 435 236 |
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.
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.ashingtoninnovationplc.com