Cykel AI has struck a deal to move from Aquis to the main market of the London Stock Exchange by reversing into Mustang Energy (LSE:MUST), a SPAC.
The boards of the two companies said they have agreed to non-binding terms for Mustang to acquire Cykel on the basis of 1.844 new Mustang shares for each Cykel share.
This valued Mustang at £1 million and Cykel, which raised £1.75 million when it floated on Aquis in October, at £19.22 million, based on 10-day average prices up to Nov. 7, when the proposed acquisition was first agreed, Proactive Investors reports.
Under transitional changes to the listing rules by the FCA from 2021, SPACs are not required to have a minimum market capitalization of £30 million as they did previously.
Cykel is developing an artificial intelligence co-pilot to take over repetitive digital tasks for businesses, which it calls its AI-Powered Task Operating System, or Task OS. Read more.
