Sealand Capital Galaxy Ltd (LSE:SCGL) shares moved up on Thursday, rising around 6% to 0.24p, after the company exited its financial exposure to EVOO AI Plc, by assigning a £300,000 convertible loan note investment and associated warrants for £250,000 in cash.
The company said the investment has been assigned to VBG Consulting Holdings Limited, which is described as an unconnected third party.
Sealand added that its previously disclosed Master Services Agreement with EVOO was not implemented and that the parties did not pursue the SEA-VOO initiative further after reviewing corporate priorities.
Chief executive Siqi (Daniel) Cao said the transaction simplifies the company's position, removes non-core exposure and allows management to remain focused on advancing Sealand's core opportunities.”
"The completion of this transaction reflects our current priorities... our focus is now on strengthening Sealand's technology and investment platform, progressing commercial opportunities and executing the next phase of the Company's growth strategy," Cao added.