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Sensyne Health PLC shares slump on Tuesday as the company proposed delisting from London's AIM junior market.
The company is seeking approval from its shareholders for the delisting of the shares, in accordance with AIM rules, Sensyne Health explained.
It will hold a general meeting on May 20.
Sensyne Health shares were 32% lower at 1.24 pence each in London on Tuesday morning.
The firm, led by Alex Snow as its new chief executive officer since Monday, amended and restated a note purchase agreement to provide for the issue of up to £20 million of loan notes. This brings the total number of loan notes to £26.4 million.
The company said the loan notes are purchased - or will be purchased - in tranches.
One tranche of a principal amount of £6.4 million was issued to original purchasers on January 28.
Another tranche of £6.0 million will be issued to Gatemore Investment Partners I LP, Lansdowne and MNL (Hambro Perks) Nominees Limited on or around April 21.
Two subsequent tranches of loan notes will be issued at the request of the company, with new Sensyne Health Chief Executive Alex Snow, who is the former CEO of Lansdowne Partners UK LLP, allowed to subscribe for up to £2.0 million of additional notes.
The company had been under a formal sales process since November.
‘In light of the amended financing terms, the board has decided to end the formal sale process with immediate effect,’ Sensyne said.
The Oxford, England-based clinical artificial intelligence company is also seeking the approval of shareholders to re-designate ordinary shares of 10 pence. Under the plan, those shares will be sub-divided and re-designated into one ordinary share of £0.008 in the capital of the company and £0.092 as a deferred share in the capital of the company.
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