Pri0r1ty Intelligence, a London-listed provider of AI, data and marketing services, has launched an investigation into one of its investors over a potential breach related to the sale of its shares in the group.
Primorus Investments, itself also listed on London’s Alternative Investment Market (AIM), has been accused of violating a lock-in agreement with Pri0r1ty that prevented it from selling its shares within a 12-month period from the tech firm’s admission to AIM back in December.
“For the duration of the lock-in period, Primorus Investments plc agreed not to dispose of ordinary shares in the capital of the company,” said Pri0r1ty.
The lock-in agreement did allow for a sale under “limited circumstances”, which Pri0r1ty said “do not apply to this disposal”.
The company and its advisers have therefore launched an investigation into the circumstances surrounding the disposal of Primorus’s shareholding and has sent a letter of claim to the investor, reserving its right to commence “legal proceedings”.
UKTN has contacted Pri0r1ty and Primorus for comment.
London-based Pri0r1ty Intelligence Group is a self-described AI SaaS provider, offering commercial clients tools to automate services such as social media management, investor relations and corporate governance.
The company debuted on AIM with a share price of 10.25p, which has since dipped by more than 50% to 4.82p as of Monday morning.
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