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MYX Mycelx Technologies Corporation

52.00
-2.50 (-4.59%)
20 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mycelx Technologies Corporation LSE:MYX London Ordinary Share COM SHS USD0.025 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50 -4.59% 52.00 50.00 54.00 54.50 52.00 54.50 181,181 14:30:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Supply 10.03M -3.99M -0.1736 -3.00 11.95M

MyCelx Technologies Corporation Saudi Arabia Business Operation Sale Completion

04/03/2024 7:00am

RNS Regulatory News


RNS Number : 3641F
MyCelx Technologies Corporation
04 March 2024
 

4 March 2024

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

 

Saudi Arabia Business Operation Sale Completion

 

Further to the announcement on 22 February 2024, MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water and clean air technology company transforming the environmental impact of industry, reports that all conditions of the sale of the Company's Saudi Arabia Business to Twarid Water Treatment LLC ("Twarid"), which is owned by Magellan SPV Water Holdings Limited, have been satisfied and consequently the transaction has  completed and the Company has received the Initial Consideration. Proceeds from the sale will strengthen the Company's balance sheet and provide the runway it needs to accelerate growth in its core markets while continuing its sales of MYCELX media products through the distributorship in Saudi Arabia.

 

The awareness and regulation of PFAS continues to grow in the US. The Company expects the paid pilot trials completed in H1 will convert to contracts in H2 of this year. In the EOR market, two pilots will be operating in H1 along with active proposals with several EOR producers that could convert by year end with potential revenue impact in 2024 and 2025 depending on delivery.

 

Connie Mixon, CEO, commented:

 

"I am happy to announce the completion of the sale of MYCELX's Saudi Arabia operations to Twarid. The Company can now focus on the large and lucrative PFAS and EOR markets with the ability to strategically use working capital to secure contracts. Both markets are very active and we intend to maintain focus on the opportunities before us that require our differentiated technology and will deliver long term value for all our stakeholders."

 

 

For further information, please contact: 

 

MYCELX Technologies Corporation

Connie Mixon, CEO

Kim Slayton, CFO

 

 

 

Tel: +1 888 306 6843

Canaccord Genuity Limited (Nomad and Sole Broker)

Henry Fitzgerald-O'Connor

Ana Ercegovic

 

 

Tel: +44 20 7523 8000

Celicourt Communications (Financial PR)

Mark Antelme

Jimmy Lea

Charlie Denley-Myerson

 

Tel: +44 20 7770 6424

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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