Mustang Energy, a London-based SPAC, said it and merger partner Cykel AI have extended the deadline for Mustang to make a firm decision or offer for Cykel to March 15 from the original deadline, which was today.
Mustang entered into a non-binding term sheet last month to acquire Cykel, a London-based software firm specializing in advanced artificial intelligence products. Terms would call for the issuance 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.
The deadline may be further extended at the request of Cykel, Mustang said, according to Morningstar reporting.
Mustang said discussions with Cykel are ongoing, with a draft prospectus for the issue of new Mustang shares in the review process of the UK Financial Conduct Authority.
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.
