FastForward Innovations Limited New Investment in Consumer Cannabinoid Company (6071Q)
01 Marzo 2021 - 8:00AM
UK Regulatory
TIDMFFWD
RNS Number : 6071Q
FastForward Innovations Limited
01 March 2021
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
1 March 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investment in Consumer Cannabinoid Company Cellular Goods
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to announce that it has invested approximately GBP17,215
as part of a he/avily oversubscribed GBP13 million placing at a
price of 5 pence undertaken by Cellular Goods Plc ('Cellular
Goods'). Cellular Goods commenced trading on the London Stock
Exchange on 26 February 2021 (LSE: CBX).
Cellular Goods is a UK-based provider of premium consumer
products based on biosynthetic cannabinoids with an initial focus
is on two product verticals: premium skincare and topical athletic
recovery products to be launched from this autumn. It has partnered
with four leading biosynthetic cannabinoid producers in the United
States who have experience and expertise in the manufacture of
these compounds through a fermentation based process to secure a
consistent supply of legally-compliant raw materials. The
production of biosynthetic cannabinoids does not involve the
cultivation or processing of the cannabis sativa plant.
Ed McDermott, CEO of FastForward, commented: " We are pleased to
see another CBD wellness company IPO here in London. Once again the
allocations were disappointing due to a significantly
oversubscribed book. However, we are very excited that the London
Stock Exchange is fast becoming a destination for both medical
cannabis and over the counter cannabinoid wellness companies."
Further Details
Cellular Goods has raised a total of GBP13 million by way of a
placing of 260,000,000 placing and subscription shares ('New
Shares') at a price of 5 pence ('Issue Price') per New Share. The
placing was 13 times oversubscribed. The funds raised through the
placing will be used for Cellular Goods' expansion and long-term
growth.
FFWD has a holding of 344,277 ordinary shares in Cellular Goods
representing 0.07 per cent of the issued share capital of Cellular
Goods. The market capitalisation of Cellular Goods on Admission at
the Issue Price was approximately GBP25 million and closed on its
first day of trading at approximately 19 pence, four times the
Issue Price.
Further information about Cellular Goods Plc can be found at
www.cellulargoods.co .
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott FastForward Innovations E: info@fstfwd.co
Lance de Jersey Ltd
James Biddle Beaumont Cornish Limited, T: (0)20 7628 3396
Roland Cornish Nomad
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Isabella Pierre Shard Capital Partners T: (0)20 7186 9927
Damon Heath LLP
Broker
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Catherine Leftley St Brides Partners E: info@stbridespartners.co.uk
Beth Melluish Ltd,
Financial PR
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Notes
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early-stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
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END
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March 01, 2021 02:00 ET (07:00 GMT)
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