AIM movers: Vela Technologies benefits from Conduit Pharma reversal and PCF closes bank

Vela Technologies (LON: VELA) has risen on the back of the announcement that Conduit Pharmaceuticals is reversing into Nasdaq-listed Murphy Cannon Acquisition Corp. This will provide nearly $150m of funding for Conduit. Vela has an economic interest in AZD1656, one of the assets of Conduit. The Vela share price jumped 54.1% to 0.0285p.

Velocity Composites (LON: VEL) has appointed Adam Holden as finance director. Shares in the composite material kits supplier improved 5.26% to 30p.

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Digital publisher LBG Media (LON: LBG) chief executive Alexander Solomou bought 900,000 shares at 51p each. The share price increased 8.58% to 57.005p. He owns nearly 42% of LBG Media, which joined AIM in December 2021 via a placing at 175p.

Gunsynd (LON: GUN) investee company Rincon Resources says a preliminary report highlights similarities between its Pokali prospect and a nearby niobium rare earth discovery. The Gunsynd share price rose 5.88% to 0.45p.

Horizonte Minerals (LON: HZM) completed its £70.5m fundraising at 90.5p a share yesterday. G10 Capital holds 23.2% and Glencore International increased its stake from 9.8% to 17.8%. The share price recovered 5.78% to 91.5p.

PCF Group (LON: PCF) has been unable to raise money or secure a strategic transaction. PCF Bank is withdrawing from the UK banking market. The board will seek shareholder approval for the cancellation of the AIM quotation. The share price slumped 68.9% to 0.35p.

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After the close on Tuesday, Sareum (LON: SAR) said the UK authorities have not approved the SDC-1801 clinical trial authorisation. A further review of non-clinical is likely to be required so the safety and tolerability trial will not happen this year. The shares fell 23.2% to 107.5p.

Applied Graphene Materials (LON: AGM) continues to decline following yesterday’s announcement that it was unable to getaway a share issue to replenish its coffers. There was a further fall of 14.1% to 5.5p. More cash will be required by the graphene technology developer at the beginning of 2023.

Ashtead Technology (LON: AT.) shares fell following a placing of 4.79 million existing shares at 260p a share. The current share price fell 5.4% to 288.5p. The seller is Arab Petroleum Investments Corporation, which still owns 9.5%. The subsea equipment rental company floated nearly one year ago at 162p a share.

Battery technology developer Gelion (LON: GELN) has appointed its third chief executive since floating last November. John Wood has experience in the battery technology sector. There was cash of £17m at the end of June 2022, down from £20.6m six months earlier. The flotation price was 145p, while the current price fell 9.23% to 59p.

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