Gelion, a company that makes cool batteries, is splashing out 4.2 million quid (that’s $5.2 million) to snap up OXLiD, a tech whiz that’s all about lithium-sulfur batteries. And guess what? They’re not just dipping into their piggy bank for this. Nope, they’re planning to raise a whopping 4.5 million quid by selling some shares at 24 pence each. That’s a 3% discount on the closing price from yesterday, which was 24.75 pence.
But wait, there’s more! Gelion is also giving their shareholders the chance to grab some of these discounted shares through a retail offer. They’re hoping to rake in an extra 450,000 quid from this.
Now, here’s the deal – Gelion can’t just go ahead and do all this without getting the nod from their shareholders. So, they’re gonna have a big meeting on Nov. 27 to get the green light.
According to the big boss, John Wood, snagging OXLiD is gonna turbocharge Gelion’s LiS (that’s Lithium Sulfur) technology. He’s pretty chuffed about OXLiD’s connections with top-notch universities in the U.K. and thinks this buyout is gonna give Gelion’s LiS tech a major boost in the market.
So, there you have it! Gelion’s making power moves and shaking things up in the battery world. Exciting stuff, right?
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