Druces Capital Markets team advised Mustang Energy PLC (LON: MUST) on its acquisition of Cykel AI PLC, a software and artificial intelligence (AI) company previously admitted to trading on the Aquis Stock Exchange, by way of a reverse takeover and readmission of the combined group on the London Stock Exchange’s Main Market. The acquisition was implemented by means of a court sanctioned scheme of arrangement and involved publication of a prospectus, Mustang shareholder circular and Cykel scheme document.
Mustang Energy was formed to undertake an acquisition of a target company, business or asset(s) and was listed on the London Stock Exchange’s Main Market in 2019. Cykel AI is an early-stage company previously admitted to trading on the Aquis Stock Exchange that intends to grow quickly through the operation of a software business engaged in the development of advanced AI products.
The expected market capitalisation of the combined group on readmission was expected to be approximately £20 million. This complex equity capital markets and public M&A transaction in the technology sector is strategic and transformational for the combined group.
The Druces team included Jack Dervyn (Partner), David Jahoda (Senior Counsel), Kajal Sachania (Associate), Devon Monaghan (Trainee) and Hannah Pope (Trainee).
Jack Dervyn, Druces, commented:
“Having worked with Mustang since its IPO as a SPAC back in 2019, the board have delivered a transformational deal for shareholders in an innovative and exciting space. It has been a pleasure for Druces to work with Mustang these past years, and we wish the new business every success. ”
Dean Gallegos, Managing Director until readmission of Mustang Energy, commented:
“We are thrilled to announce the successful completion of the takeover of Cykel AI in an all share transaction. This milestone would not have been possible without the exceptional work and unwavering support of our legal advisors Jack Dervyn and his team at Druces LLP. Their expertise, dedication, and meticulous attention to detail have been instrumental in navigating the complexities of this process, ensuring a seamless and successful outcome for our company.”
For more information contact:
Gerald Schlagman, Head of Business Development & Marketing
Tel: 020 7216 5539
Mob: 07548 241054
Email: g.schlagman@druces.com