1 February
2024
Tekcapital Plc
("Tekcapital", the "Company" or "the Group")
MicroSalt® Admission to AIM
and First Day of Dealings
Tekcapital Plc (AIM: TEK) the UK
intellectual property investment group focused on creating valuable
products that can improve people's lives, is delighted to announce
that MicroSalt® plc ("Microsalt") ordinary shares have
been admitted to trading on the AIM market of the London Stock
Exchange plc ("Admission") and dealings in the Ordinary Shares have
commenced at 8.00 a.m. today, 1 February 2024, under the ticker
SALT.
Admission highlights
·
Market capitalisation of approximately £18.5
million on Admission.
·
Successful fundraise totalling approximately £3.14
million (before expenses).
· Tekcapital holds a 77.24% interest in MicroSalt, which at the
listing price of 43p per ordinary share, is valued at approximately
£14.3m on Admission.
Rick Guiney, CEO of MicroSalt,
said:
"We are delighted to announce our successful fundraise and
admission to AIM, which is an important step in our development and
provides an excellent platform for future growth. The World Health
Organisation has stated ambitions to reduce sodium intake by 30% by
2025, and MicroSalt is extremely well placed to help meet the
rising demand for lower sodium products with our disruptive,
proprietary product and manufacturing process."
According to the WHO[1], "Implementing
highly cost-effective sodium reduction policies could save an
estimated 7 million lives globally by 2030."
Dr Clifford Gross, CEO of
Tekcapital, said:
"Tekcapital's mission is to commercialise new
technologies that can improve the quality of life of the customers
we serve. MicroSalt has established a new category of full-flavour,
low sodium salt, and has demonstrated initial success in onboarding
two major B2B companies to incorporate MicroSalt into their
existing products and has placed its saltshakers and crisps in
hundreds of stores. It's become clear to us, that up until now,
there hasn't been a food ingredient that could accomplish sodium
reduction without sacrificing flavour. That has now changed. We're
excited that MicroSalt has completed its IPO and we are looking
forward to their future growth and success. "
Tekcapital holds 33,305,749 ordinary
shares of MicroSalt plc which are subject to a 12-month lock-in
period from the date of admission. This includes 2,588,140 new
ordinary shares which Tekcapital subscribed for in the fundraising
at the listing price. Additionally, Tekcapital holds approximately
2.6m warrants exercisable for a period of three years from the date
of Admission at 10% above the IPO price.
About MicroSalt® plc
MicroSalt, is the developer and
manufacturer of a proprietary low-sodium salt called MicroSalt®. We
are passionate about improving peoples' lives with better-for-you
seasonings and snacks by taking the lead in the industry by
providing the best low-sodium salt solution, based on the
mechanical transformation of the salt particle itself. This
solution is the only one that delivers real salt flavour because it
is salt. Our new patented technology produces salt crystals that
are approximately one hundred times smaller than typical table
salt, delivering a powerful saltiness as the micro-grains dissolve
in the mouth, with approximately 50% less sodium consumption.
Additionally, the ultra-small particle size enhances product
adhesion, which reduces waste and provides improved flavour
consistency. MicroSalt® and SaltMe® are registered trademarks of
MicroSalt Inc.
To learn more about MicroSalt please
visit https://www.microsalt.co
Zeus Capital acted as Nominated
Adviser and sole Broker to MicroSalt and SP Angel Corporate Finance
LLP served as placement sub-agent.
About Tekcapital plc
Tekcapital creates value from
investing in new, university-developed discoveries that can enhance
people's lives and provides a range of technology transfer services
to help organisations evaluate and commercialise new technologies.
Tekcapital is quoted on the AIM market of the London Stock Exchange
(AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com.
LEI: 213800GOJTOV19FIFZ85
For further information, please
contact:
Tekcapital Plc
|
|
Via Flagstaff IR
|
Clifford M. Gross,
Ph.D.
|
|
|
|
|
|
SP Angel Corporate
Finance
LLP
(Nominated Adviser and Broker)
|
|
+44 (0) 20 3470
0470
|
Richard Morrison / Charlie Bouverat
(Corporate Finance)
Rob Rees (Corporate
Broking)
|
|
|
Flagstaff Strategic and Investor
Communications
+44 (0)207 129
1474
Tim Thompson/Andrea Seymour/Fergus
Mellon
tekcapital@flagstaffcomms.com
This press release is for informational purposes only. The
information herein does not constitute investment advice nor an
offer to invest and may contain statements related to our future
business and financial performance and future events or
developments involving MicroSalt that may constitute
forward-looking statements. These statements may be identified by
words such as "expect," "look forward to," "anticipate" "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words
of similar meaning. We may also make forward-looking statements in
other reports, in presentations, in material delivered to
customers, stakeholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking
statements. Such statements may be based on the current
expectations and certain assumptions of MicroSalt's and/or
Tekcapital's management. Please note that these are subject to a
number of risks, uncertainties and factors, including, but not
limited to those described in various disclosures. Should one or
more of these risks or uncertainties materialize, or should
underlying expectations not occur or assumptions prove incorrect,
actual results, performance or achievements of MicroSalt or
Tekcapital may vary materially from those described explicitly or
implicitly in the relevant forward-looking statement. Neither
MicroSalt nor Tekcapital intends, nor assumes any obligation, to
update or revise these forward-looking statements in light of
developments which differ from those anticipated.