Fintech Fiinu (LON: BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft. The share price soared 1,400% t 7.5p, which is the highest it has been since May 2023.
Digital healthcare platform developer Trellus Health (LON: TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025. The share price jumped 336% to 2.4p, having been as high as 5.3p.
Meinhard Benn has taken a 8.34% stake in Blue Star Capital (LON: BLU). He is a founder of cross-border payments and investee company SatoshiPay. Nicholas Slater raised his stake from 11.7% to 13.1%. The share price rose 230% to 8.25p.
Quantum Blockchain Technologies (LON: QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product. The share price increased 110% to 1.625p.
FALLERS
Gift wrap supplier IG Design (LON: IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity. The share price dived 59.5% to 59.6p.
Thruvision (LON: THRU) shares slumped 57.7% to 2.75p after the security technology supplier announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Deltex Medical Group (LON: DEMG) announced plans to leave AIM and the share price halved to 0.04p. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Michael Ashcroft also wants data and information publisher Merit Group (LON: MRIT) to leave AIM. This follows his success in persuading Jaywing (LON: JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days. The share price slipped 31.1% to 21p.