Ashington - IPO on the London Stock Exchange

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Press release

02 June 2023

Ashington Innovation plc

("Ashington" or "the Company")

Initial Public Offering on the London Stock Exchange

Ashington Innovation plc, a special purpose acquisition company ("SPAC") aiming to benefit from favourable price conditions for companies in the financial services technology (fintech) and deep technology (deep tech) sectors is pleased to announce the results of its initial public offering and standard listing on the Main Market of the London Stock Exchange ("the Offering").

The Company has raised gross proceeds of £809,437, consisting of 26,981,233 Ordinary Shares (the "Ordinary Shares") at a price of £0.03 per Ordinary Share. Subject to admission to the standard listing segment of the LSE ("Admission"), the Company will have 61,397,900 Ordinary Shares in issue, valuing Ashington at a market capitalisation of approximately £1.84 million. 

Trading in the Company's Ordinary Shares is expected to commence at 8.00 a.m. on 6 June 2023 under ticker symbol "ASHI", subject to the approval of its application for Admission.

This Offering will enable the Company to pursue its objective of acquiring a target company or business (the "Acquisition") in the technology sector, with particular focus on the fintech and deep tech sectors. There is no specific expected target value for the Acquisition and the Company expects that any funds not used for the Acquisition will be used for future acquisitions, internal or external growth and expansion, purchase of outstanding debt and/or working capital in relation to the acquired company or business. The Company's efforts in identifying a prospective target business will not be limited to a particular industry or geographic region. 

SI Capital Limited ("SI") is acting as the broker to the Company as from Admission. 

For further information please contact:

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, in particular the financial services technology and deep-technology sectors.

www.ashingtoninnovationplc.com

Notes to editors on Ashington:

Ashington is an English company founded by Jason Smart ("the Founder"). The Company was created to pursue its objective of acquiring a target company or business ("the Acquisition"). There is no specific expected target value for the Acquisition and the Company expects that any funds not used for the Acquisition will be used for future acquisitions, internal or external growth and expansion, purchase of outstanding debt and/or working capital in relation to the acquired company or business. The Company's efforts in identifying a prospective target business will not be limited to a particular industry or geographic region.

The Company has identified the following criteria and guidelines that it believes are important in evaluating potential acquisition opportunities. The Company intends to target companies or businesses that:

· have a sustainable development or technological advantage;

· have an above-average business potential;

· are run by management with a strong track record of generating growth for shareholders and a proven experience in the sector;

· have the potential to provide a platform for a scalable business which could generate substantial free cash flow over time;

· have the ability to grow with additional capital or be replicated in other markets;

· have sound intellectual property protection or potential for patenting; and

· can demonstrate definable milestones for development.

The Company may also decide to enter into an acquisition with a target company or business that does not meet the above criteria and guidelines. 

The directors of the Company (the "Directors"), all of whom are non-executive, are:

Unless required by applicable law or other regulatory process, no Shareholder approval will be sought by the Company in relation to the Acquisition. The Acquisition will be subject to approval by a majority of the Board, including a majority of the Chairman and those Directors of the Board from time to time considered by the Board to be independent. 

Important Notices

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in any jurisdiction including the United States, Australia, Canada, Japan or South Africa. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold, transferred or delivered, directly or indirectly, in or into the United States absent registration under the Securities Act or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Canada, Australia, Japan or South Africa. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act, under the securities legislation of any state or territory or jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan or South Africa.

This announcement does not constitute or form part of, and should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the intentions, beliefs or current expectations of the Company, the Directors concerning, among other things, the Company's objective, acquisition strategies or opportunities, financing, financial condition, capital resources, prospects and capital appreciation of the Ordinary are forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

Forward-looking statements are not guarantees of future performance. The Company's actual performance, financial condition and the development of its acquisition and financing strategies may differ materially from the forward-looking statements contained in this announcement. In addition, even if the Company's actual performance, financial condition and the development of its acquisition and financing strategies are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.