Codex Acquisitions Plc (LSE:CODX), a London-listed cash shell, has agreed to a reverse takeover of Technologies New Energy, a renewable energy company based in Portugal.
The transaction will be carried out as a paper deal valued at £28 million, issuing new shares priced at 20p per share.
"We are excited to announce the execution of the acquisition agreement, which marks a critical milestone in connection with TNE's listing on the main market of the London Stock Exchange by way of a reverse takeover,” Codex Acquisitions director Julio Perez said in a statement.
“We are committed to successfully finalising this transaction and look forward to our ongoing collaboration with TNE.”
It is expected that the shares would be relisted to the main market of the London Stock Exchange, under the transition category. The transaction has a long-stop date of 28 February.
The listed company is also expected to change its name, logo, ticker symbol, and website.
Codex Capital Partners Limited will be due a £110,000 success fee, paid by the company 12 months after admission.