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Golden Rock Global PLC - Hong Kong-based special purpose acquisition company - Terminates acquisition discussion with 2Mee Ltd. Says due to ‘difficult market conditions for small companies in general’ has been unable to generate sufficient interest from investors regarding transaction. 2Mee is a provider of an influencer messaging application. In addition, Golden Rock adds it will be unable to complete audit of financial results for year ended December 31. As such shares will remain suspended. Says it has ‘limited options available’ barring a short term funding agreement and has entered into ‘urgent’ discussions with shareholders and advisers regarding funding. Says further announcements to be made when board has determined ‘best course of action’. ‘The board understands that this will be a significant disappointment to all shareholders, especially as this is the second time the company has almost completed an [reverse takeover] but, for reasons beyond its control, has been unable to complete,’ Golden Rock says. Golden Rock first proposed the acquisition of 2Mee in August of last year. At the time, it said it expected to fork out £6 million to £8 million worth of shares to satisfy the deal. In June of this year, however, it said the consideration to be paid will be less than previously indicated with the implied pre-money valuation for the enlarged group seen in the range of £3.8 million to £4.2 million. Current share price: 2.81 pence, currently suspended from trade. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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