Ashington Innovation PLC Update on Cell Therapy and Calon Discussions (3475L)

TIDMASHI

RNS Number : 3475L

Ashington Innovation PLC

05 September 2023

Press Release

5 September 2023

Ashington Innovation plc

("Ashington" or "the Company")

Update on Cell Therapy Ltd and Calon Cardio-Technology Ltd Discussions

Change of Broker

Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, announces that further to the announcement of August 24, the Company continues to pursue negotiations to acquire Cell Therapy Limited ('Cell Therapy') and Calon Cardio-Technology Limited ('Calon') in accordance with the signed heads of terms.

By way of clarification, the proposed acquisition of Calon is dependent on a successful close of the Cell Therapy transaction. However, the proposed acquisition of Cell Therapy is not dependent on an acquisition of Calon.

Ashington can confirm that discussions have continued between the parties and that the Company is continuing its formal due diligence process. As no binding agreement has yet been reached, the Company cannot guarantee that either proposed acquisition will complete.

Ashington also announces that following a breach of confidentiality by its broker, SI Capital, the appointment of SI Capital has been terminated and the Company is seeking to appoint a new sole broker experienced in the transactions being considered which is in line with its broader strategy to create a material regenerative medicine group.

The Company will provide further updates as and when appropriate.

For further information please contact:

 
 Ashington Innovation plc 
 David Orchard                         via Tancredi [phone] 
  General Counsel                       7633 
                                      ------------------------- 
 Tancredi Intelligent Communication 
  Media Relations 
                                      ------------------------- 
 Helen Humphrey 
  Charlie Hobbs                        + 44 7449 226 720 
  Jasmine Gadhavi                       [phone] 
  [e-mail]           [phone] 
                                      ------------------------- 
 

About Ashington Innovation plc

Ashington Innovation PLC is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector.

The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.

The Company is not limited to any specific geographic region in identifying its target companies.

www.ashingtoninnovationplc.com

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September 05, 2023 02:00 ET (06:00 GMT)