Cash shell Pineapple Power Corporation (LON: PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products.
It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences
The deal to acquire Ilios Hydrogen is not going ahead. Raising the funding and coming to n agreement on valuation was not possible. Previously, the purchase of hydrogen refuelling business Element 2 at a valuation of £120m fell through in 2023. In the previous year, the proposed acquisition of Ireland-based green-focused fund manager BVP Investments, did not go ahead.
FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. A binding agreement has not been reached. The majority of the board will be from FUSE-AI.
Pineapple Power Corporation floated on the standard list and the share price is 2.74p, although trading has been suspended since 24 April. The plan is to be readmitted to the Equity Shares (Commercial Companies) segment of the Official List. The company would have to be valued at a minimum of £30m.