DG Innovate PLC (LSE:DGI) (DGI) has become the latest company to announce its departure from the London Stock Exchange, capping off a tough year for the market.
Sustainable mobility and energy storage solutions firm DGI on Tuesday said it had struggled to raise funds for investments since coming to the market in early 2022.
“This is in part due to its current listing and the constraints of the associated prospectus rules,” the company said in a statement.
“However, it is also clear that there has been and remains a broad lack of demand for exposure to companies at DGI's current stage of development within the UK's traditional institutional investor base.”
DGI’s departure follows a string of high-profile moves away from London in 2024, despite efforts by policymakers to boost the market’s attractiveness with listing reforms.
Some 88 firms had ditched their primary listings on London’s main market by mid-December, while 18 took their place, marking the largest net outflow since 2009, according to the London Stock Exchange Group.
DGI added there were no “obvious near-term catalysts” to improve conditions and that the likes of costs were “completely disproportionate” to the benefits of maintaining a listing.
“Delisting will significantly reduce the company's cost base and assist the company in raising the capital it requires to invest,” DGI added, with shares set to be cancelled on January 31.