musicMagpie PLC (AIM:MMAG), the second-hand gadgets company, is making an ignominious exit from the stock market at a fraction of the value the business was listed just over three years ago.
White goods firm AO World PLC (LSE:AO.) is paying just under £10 million in cash for the group, or 9.07p a share.
Floated in April 2021 at 193p, netting an estimated £95 million for selling shareholders on an initial market capitalisation of £208 million, it has been downhill ever since.
A profit warning in June appeared to irreparably undermine confidence in the stock, which by late August had hit a low of 5.25p. Since then it has struggled to regain lost ground, closing on Tuesday at 6p.
musicMagpie was founded in Stockport in 2007 by Steve Oliver and Walter Gleeson, who reportedly banked £22.1 million from the IPO.
The pair went on to grow the company into the UK's biggest mobile phone recycler, with millions of products listed on Amazon and eBay.