Gaming minnow Webis Holdings (AIM:WEB) soared more than 60% on Friday in response to an annual report for the year ending 31 May.
However, any gains are likely to be short-lived as Webis intends to delist its shares from the London Stock Exchange.
Commenting on the delisting plans today, Webis said: “Following an in-depth review, the board has unanimously agreed that it is in the best interests of the company and its Shareholders to delist from AIM.
“The company continues to believe WatchandWager has a unique position in the USA as one of the top five licensed operators in our sector and the Board believes that the Cancellation will reduce costs and protect shareholder value as the Group seeks to grow its business in North America and deliver on strategic goals.”
The group posted annual revenues of US$4.4 million, reflecting a slight decline from the US$4.6 million recorded in the previous year.
Amounts wagered totalled US$110.5 million, compared to US$112 million in 2023.