Aquis-listed AI company Kondor AI has suffered further delays in its proposed acquisition of carbon credit trading app Ora Technology.
Kondor, which listed on the challenger exchange in 2023, first proposed a purchase of the entire issued and to be issued share capital of Ora, also listed on the Aquis exchange, in September, but the deal has been subject to numerous delays.
The original non-binding proposal from two months ago would see Kondor acquire the entirety of Ora’s share capital in consideration for the issue of new shares in the acquirer based on 0.9988 Kondor shares for each one share of Ora.
This proposal was pushed back to October, giving Kondor until 15 November to make a firm offer. On the day of the deadline, a further extension was made, giving the companies until 13 December to officially commit to a takeover offer.
Further extensions to the deal could be made subject to requests from the takeover panel.
Founded in 2021, Kondor AI is developing artificial intelligence tools with a focus on computer vision. The company has so far released an AI assistant on the App store that allows users to upload images and videos that it can “understand”.
The company has advertised its product, among other uses, as a tool for homework and other research-based tasks.
Ora Technology, which was similarly listed on the Aquis exchange in 2023, is a digital carbon trading platform used to buy and sell credits in the voluntary carbon market. These credits are instruments used by firms to finafinancially support carbon removal projects.
It is not clear the specific reason for the acquisition proposal. UKTN has contacted Kondor AI for comment.
As of the morning of 18 November, Kondor shares were trading at 10p, while Ora Technology shares were priced at 9.95p.
The Aquis exchange was launched in 2012 by Alasdair Haynes. Last week the London-based group agreed terms to be taken over by Switzerland-based bourse operator Six Group.
The acquisition, which valued Aquis at £207m, will not prevent the challenger exchange from operating under its existing brand and business model.
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