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Investing.com -- Synairgen (LON:SYNG), a London-listed respiratory solutions company, on Tuesday saw a drop in its shares following its announcement of plans to cancel its shares on London’s AIM market.
The company’s shares decreased 23.5%, to 1.53 pence in early trading.
This development comes in the wake of the company’s inability to meet a minimum fund-raising condition.
Synairgen had received commitments amounting to approximately £2.2 million ($2.8 million), falling short of its £2.9 million minimum fund-raising condition.
This condition was set in addition to an £18 million subscription from TFG Asset Management UK LLP. The company’s board said that the cancellation was in the best interest of the company and its shareholders, as it would lead to a reduction in costs.
As a private limited company, Synairgen expects to save around £500,000 in annualized costs in 2025 and about £650,000 per year starting from 2026.
The company plans to hold a general meeting on March 28 to present the proposal to its shareholders. If approved, the company will re-register as a private company by April 30.