AIM weekly movers: Spectral MD Nasdaq reversal

Spectral MD (LON: SMD) reached its highest level for more than 18 months following the news that it is merging with Nasdaq-listed SPAC Rosecliff Acquisition Corp 1. The share price is 57.1% higher at 44p. The deal values Spectral MD at $170m, or 101p a share. In June 2021, the AIM flotation price was 59p. The AIM quotation will be cancelled. There is likely to be a $15m placing. This will provide additional cash to finance the commercialisation of the DeepView woundcare analysis technology. The transaction should complete in the third quarter.

Kodal Minerals (LON: KOD) has risen 55.9% to 0.795p on the week following the announcement that Hainan Mining has received approvals from the Chinese authorities for its proposed £82m funding package for the Bougouni lithium project in Mali and the £14.6m share subscription in Kodal Mining. A $7m deposit has already been achieved. This is the highest the share price has been since 2014.

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Immupharma (LON: IMM) will hold a meeting with the FDA in the US concerning a phase 2/3 trial study protocol on 16 May. The protocol is for P140 in chronic idiopathic demyelinating polyneuropathy. This is a rare autoimmune disorder affecting around 50,000 individuals in the UK and Europe. The share price moved up by 51.5% to 2.95p.

Ocean Harvest Technology (LON: OHT) continued its share price rise following last week’s placing that raised £6m, or £4.5m after expenses, at 16p. This week the share price rose 37.3% to 24.2p, even though Terence Butler Holdings sold one million shares at 22.97p each. Ocean Harvest Technology produces ingredients for animal feed using seaweed under the OceanFeed brand name. Its main facility is in Vietnam.



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Circle Property (LON: CRC) shares have gone ex-entitlement for the £16.1m return of capital. That is equivalent to 55p a share. The share price is 63.6% lower at 20p. Once the remaining property sales are completed there will be another pay out.

In-content advertising technology company Mirriad Advertising (LON: MIRI) admits that there is not ging to be a bid. The share price has slumped 42.2% to 0.94p. There was £7.5m in the bank at the end of March. Management is seeking a source of more funding, but there is no certainty that more cash will be secured. Mirriad is partnering with broadband and video delivery services provider Harmonic Inc to help broadcasters to target audiences.

Shares in Beacon Energy (LON: BCE) have been readmitted following the acquisition of Rhein Petroleum. This brings with a producing oilfield with potential production of up to 4,000 barrels of oil per day in the coming years. Beacon Energy has certified 2P net reserves of 3.85mmbbl across four assets in Germany. The share price dropped 34.3% to 0.115p.

Kibo Energy (LON: KIBO) is repricing 1.13 billion warrants to 0.1p, the loan notes will be convertible at 0.14p a share and the bridge loan has been amended to a 24-month loan. For each warrant exercised before the end of June 2023, there will be one incentive warrant issued that is exercisable at 0.25p. This could help to fund the spinning-out of Ultimate Sustainable Energy as a separate AIM company. The share price has fallen 28.2% to 0.07p.

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