Crispr Therapeutics shares tumble after significant earnings miss
LONDON - Checkit PLC (AIM: CKT), a company specializing in automated monitoring platforms for operational leaders, has announced the lapse of its proposed all-share merger with Crimson Tide following a general meeting held today. Despite receiving approval from Checkit shareholders for the issuance of new ordinary shares, the merger failed to proceed as Crimson Tide shareholders did not pass the necessary resolution.
At the general meeting, a poll vote resulted in 99.80% of Checkit shareholders voting in favor of allotting new ordinary shares in connection with the merger, with 0.20% against. The total votes cast, excluding withheld votes, represented 42.61% of Checkit’s issued share capital as of 6:00 p.m. on March 17, 2025.
However, the concurrent Crimson Tide Court Meeting did not yield the requisite majority needed to approve the scheme, leading to the collapse of the merger. As per the announcement, Checkit is now bound by Rule 35.1 of the Code, which prohibits the company from making an offer for Crimson Tide for a 12-month period from today’s date, unless specific circumstances allow for an exemption with the consent of the Panel.
The vote details and resolution text were previously outlined in the notice of the General Meeting, included in the circular published on February 20, 2025, and available on Checkit’s website. The failed merger represents a significant turn of events for both companies, with Checkit now facing a restriction period during which it cannot pursue the acquisition of Crimson Tide.
This news is based on a press release statement from Checkit PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.