Charles Russell Speechlys advises AIQ Ltd on Main Market readmission and reverse takeover of AI codes
Charles Russell Speechlys has advised AIQ Ltd, a special purpose vehicle with a focus on the development and establishment of new technology, on their readmission to trading on the LSE Main Market, by way of a standard listing, and on the acquisition of Alchemist Codes Sdn Bhd (“AI Codes”) by way of reverse takeover.
AI Codes is a specialist information technology software designer and developer focused on the e-commerce sector. Al Codes has two primary lines of business: an IT consultancy business, which provides customised software, web and app development for clients, and an e-commerce cashback solution, OCTAPLUS, which leverages proprietary data analytic tools, including artificial intelligence technology, for user targeting. Al Code's key customer regions are currently Malaysia, Singapore and Hong Kong, with expansion plans to grow into China and Europe.
Graham Duncan, Chairman of AIQ, commented: “Today marks a foundational milestone in AIQ’s development as we complete the acquisition of Alchemist Codes. This transformational step establishes AIQ as an experienced IT solutions and services business as well as offering our own AI-based e-commerce solution, OCTAPLUS. Whilst it is a difficult time for business globally, the value of digital solutions is more apparent than ever. We are now focused on expanding the Alchemist Codes IT consultancy business as well as progressing the rollout of OCTAPLUS.”
Andrew Collins, Corporate partner who led the deal, commented: “We were delighted to assist AIQ through this transaction, leveraging our capital markets expertise and in-depth knowledge of the technology sector. With the addition of AI Codes, particularly their OCTAPLUS solution, AIQ will be in a strong position for growth in the years to come. We look forward to seeing how the business develops.”
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