LONDON - Pineapple Power Corporation PLC, a publicly traded company, announced Monday the termination of its proposed acquisition of Ilios Hydrogen Canada Limited, which had been under negotiation since November 6, 2023. The decision followed challenges in capital raising and finalizing transaction terms. Concurrently, the company has signed heads of terms for a reverse takeover of FUSE-AI GmbH, a Hamburg-based developer of AI software for the clinical sector.
FUSE-AI has been recognized for its "Prostate.Carcinoma.ai" software, which reportedly enables radiologists to save time on MRI image analysis and significantly reduce error rates. The software is ready for distribution in over 42 countries and generates recurring revenue through distributors. FUSE-AI is supported by Xlife Sciences AG, a listed incubator and accelerator in the life sciences sector.
The proposed all-share transaction for FUSE-AI remains subject to due diligence and legally binding agreements. Pineapple Power aims to facilitate FUSE-AI's listing on the London Stock Exchange (LON:LSEG), anticipating that the current FUSE-AI directors will become the majority on Pineapple Power's board post-acquisition. Additionally, FUSE-AI's sellers are set to become majority shareholders of the enlarged company.
The completion of the proposed acquisition is contingent on several conditions, including regulatory approvals, due diligence satisfaction, a legally binding share sale and purchase agreement, a successful equity financing round for the enlarged group, and a waiver from the Takeover Panel under Rule 9 of the City Code. Shareholder approval at a general meeting is also required.
Pineapple Power's ordinary shares listing has been suspended since April 24, 2023, due to the reverse takeover regulations. The suspension will continue pending further details on the acquisition, prospectus issue, or an announcement if the acquisition does not proceed. The company anticipates the prospectus to be published and the proposed transaction to be completed in Q2 2025, although there are no guarantees at this stage.
This news, based on a press release statement, indicates a significant shift in Pineapple Power's strategic direction and potential future growth, pending the successful completion of the proposed acquisition and related conditions. Further updates are expected as the process unfolds.
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