Auctus Growth Plc (LON:AUCT), one of many cash-shells with a standard listing in London, has today paved the way for the listing of a content-sharing social media group.
A stock market statement reveals some details of a proposed reverse takeover which would plant the new digital technology company on AIM.
Advisors of the respective companies are now engaged to rapidly progress due diligence, Auctus said.
“The board believes the target company, a peer to peer content sharing platform, has reached a very exciting stage of its development and is managed by a team of highly talented and innovative people,” it added.
Auctus anticipates that the new entity will be admitted to AIM during the second quarter of this year.
The company explained it is currently not able to provide full disclosure to investors over the proposed transaction and as such trading in its shares have now been suspended.
Auctus is run by the owners of Arlington Group Asset Management. It obtained a standard listing on the London Stock Exchange last August with an IPO raising £1.2mln with shares sold at 50p.
The shell firm was priced at 70p prior to the suspension and since its listing has traded over 100p per share.