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appScatter to return to AIM under new name Airnow after merger

Airnow PLC will hit the London market in the “near future” as it seeks to become a global end-to-end platform for app developers

AppScatter Group PLC - appSca
Airpush is similar to appScatter in that it helps users to make money from software applications

appScatter Group PLC (LON:APPS) revealed that it plans to relist under the name 'Airnow PLC’ on London’s alternative investment market (AIM), once its takeover of US-based mobile advertising company Airpush is complete.

Shares were cancelled from AIM in late October, following a six-month trading suspension while it worked to acquire the privately-owned Airpush through the issue of stock to Airpush shareholders at a price of 26.8p each.

READ: appScatter delivers half-year revenue growth, secures loan for Airpush acquisition

In a statement on Monday, appScatter said Airpush shareholders will hold 75% stake of the enlarged company, which is to be relisted as Airnow PLC in the “near future”.

Airpush is similar to appScatter in that it helps users to make money from software applications, with over 120,000 live apps using its software.

Chief executive Philip Marcella said the merger will create a “global profitable end-to-end platform” to support mobile app developers and publishers throughout “the entire app lifecycle", from creation, distribution and management, to marketing, monetisation, and security.

Marcella added that the takeover, which must first be approved at a general meeting of appScatter shareholders, will allow the enlarged group to “penetrate a US$90bn addressable mobile app market” and give it audience data on 3.4 billion mobile devices.

Quick facts: AppScatter Group PLC

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AIM:APPS
Market: AIM
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