LONDON - Alteration Earth PLC, a special purpose acquisition company listed on the London Stock Exchange (LON:LSEG), has finalized its fundraising efforts in connection with the reverse takeover of Pri0r1ty AI Ltd, as it prepares for its shares to be delisted from the Official List and commence trading on the AIM market. The company announced today that it has raised gross proceeds of £855,000 through a placing and subscription of shares.
The transaction includes the acquisition of the entire issued share capital of Pri0r1ty, an artificial intelligence-driven Software (ETR:SOWGn) as a Service (SaaS) provider. The completion of the acquisition is subject to certain conditions, including the admission of Alteration Earth's share capital to trading on AIM, expected to occur on December 30, 2024.
Daniel Maling and Daniel Gee, key figures associated with the deal, have committed to further invest in the company within 30 days following the admission. On the day of admission, the anticipated market capitalization of Alteration Earth, based on the placing price of 13.5 pence per share, is estimated to be around £13 million.
Pri0r1ty offers a digital agent for automated business processes, leveraging deep learning and AI models to enhance efficiency for mainly SMEs. Its technology, Pri0r1ty Advisor, is a bespoke AI-powered advisory bot that assists in customer engagement and data collection.
The last day of trading of Alteration Earth's shares on the Official List is slated for December 27, 2024, with trading on AIM to begin at 8:00 a.m. on December 30, 2024. Beaumont Cornish Limited is set to be appointed as Nominated Adviser and Allenby Capital Limited as Nominated Broker upon admission.
This announcement includes inside information as defined under UK law and is based on a press release statement. Further details are expected to be available on the company's website prior to the admission date.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.