Ashington Innovation PLC London IPO

Press release

02 June 2023

Ashington Innovation plc

(“Ashington” or “the Company”)

Initial Public Offering on the London Stock Exchange

Ashington Innovation plc, a special purpose acquisition company (“SPAC”) aiming to benefit from favourable price conditions for companies in the financial services technology (fintech) and deep technology (deep tech) sectors is pleased to announce the results of its initial public offering and standard listing on the Main Market of the London Stock Exchange (“the Offering”).

The Company has raised gross proceeds of £809,437, consisting of 26,981,233 Ordinary Shares (the “Ordinary Shares”) at a price of £0.03 per Ordinary Share. Subject to admission to the standard listing segment of the LSE (“Admission”), the Company will have 61,397,900 Ordinary Shares in issue, valuing Ashington at a market capitalisation of approximately £1.84 million.

Trading in the Company’s Ordinary Shares is expected to commence at 8.00 a.m. on 6 June 2023 under ticker symbol “ASHI”, subject to the approval of its application for Admission.

This Offering will enable the Company to pursue its objective of acquiring a target company or business (the “Acquisition”) in the technology sector, with particular focus on the fintech and deep tech sectors. There is no specific expected target value for the Acquisition and the Company expects that any funds not used for the Acquisition will be used for future acquisitions, internal or external growth and expansion, purchase of outstanding debt and/or working capital in relation to the acquired company or business. The Company’s efforts in identifying a prospective target business will not be limited to a particular industry or geographic region.

SI Capital Limited (“SI”) is acting as the broker to the Company as from Admission.