HeiQ PLC (LSE:HEIQ) shares have stridden up 7% to 90.6p after Hugo Boss agreed to invest at least US$5mln in the Swiss-based, London-listed textiles developer's new "climate positive, cellulose yarn aimed at decarbonizing the fashion industry".
The investment in HeiQ's HeiQ AeoniQ subsidiary, giving an implied valuation of US$200mln, will be used towards funding the pilot commercialization plant, scheduled for the second quarter.
Hugo Boss also agreed to make additional deferred payments of up to US$4mln based on specific project milestones, as well as an option on another US$5mln investment at the same implied valuation as the initial equity investment.
HeiQ said it has also signed an agreement for The LYCRA Company to become the exclusive distributor for HeiQ AeoniQ yarns, with LYCRA paying an "undisclosed but substantial" technology fee and committing to "develop the technology for broad application in textiles".
12.50pm: BOOM shake the room
Audioboom Group PLC (AIM:BOOM) shares have surged to all-time highs, up 12.5% to 1,980p, on the back of whispers about Spotify and Amazon mulling potential takeover bids.
Less than a year after it rebuffed a 1,200p-a-share bid, the tech giants are said to be considering an approach for the UK podcasting group, with the potential of formal offers being made as soon as this month.
Amazon is working with investment bankers at JP Morgan, Sky News reported, citing sources saying that any offer would be pitched at a large markup on the company’s closing share price of 1,760p last week.
11.58am: Not as Real Good as expected
Real Good Food PLC (LSE:RGD) investors were scraping some leftovers into the bin in morning trading, with the shares down 14.6% to 2.35p after a trading update warned of disappointing international sales in the second half.
The company, which owns the Renshaw and Rainbow Dust cake decoration businesses, said international sales, which had been expected to show double digit growth are "going to be marginally below last year's numbers".
Overal revenue for the second half of the year is "expected to be at a similar level to the second half of last year", RGF said, despite a pick-up in sales to the wholesale sector.
Costs have increased too, meaning a "small profit" is expected at the EBITDA level, "broadly similar" (ie a bit below) that reported in the prior year.
10am: Cizzle climbs off the floor
Cizzle Biotechnology Holdings PLC (LSE:CIZ), after hitting a new low earlier this month, has bounced back, up 17% to 2.96p on news that it is extending its relationship with Conduit Pharmaceuticals and St George Street Capital (SGSC).
Cizzle is issuing shares to acquire a 5% "economic interest" in the commercialisation of a drug going by the name of AZD 1656 being developed by Conduit and backed by SGSC to treat inflammatory pulmonary and cardiovascular disease.
SGSC recently reported the successful completion of a clinical trial of AZD 1656 in Covid-19, with SGSC and Conduit said to be "in discussions with multiple pharmaceutical companies about licensing opportunities" for the drug "and potentially for further indications".
After Cizzle in September acquired a stake in AZD 1656 and shortly after was contracted by SGSC to develop an associated companion diagnostic test, Allan Syms, Cizzle's executive chairman, said: "We are now pleased to have the opportunity to increase our stake by an additional 5% in AZD 1656, but significantly the economic interest will be uncapped."
Elsewhere, Live Company Group PLC shares were bopping higher after it confirmed a second day for the KPop.Flex festival that will take place in Frankfurt on 14 May.
After the first day sold out, tickets for the second will go on sale tomorrow, 15 February.
Artists for day two include IVE, a six-member girl band, and ONEUS, a six-member boy band - with further artists to be announced in due course.
Live Company chairman David Ciclitira said conversations on merchandise and streaming are continuing.