Cykel (LSE:CYK) raises £350,000 of new capital

Cykel (LSE: CYK), a UK-based technology company specialising in artificial intelligence (“AI”) products that can interact with any UI, website, or API using natural language commands, is pleased to announce a successful placing by Clear Capital Markets for a total of 5,833,333 new ordinary shares (“Placing Shares”) of £0.01 each in the share capital of the Company (“Ordinary Shares”) at an issue price of 6p (the “Placing Price”) per Ordinary Share, raising gross proceeds of £350,000 (before expenses) (the “Placing”).

The Placing arises from market demand for the Ordinary Shares following completion of the Company’s reverse takeover and re-listing on the London Stock Exchange.

Jonathan Bixby, Founder and CEO of Cykel, said: “Following completion of the reverse takeover and re-listing on the London Stock Exchange, we are delighted to raise fresh capital. The last few years have seen massive growth in the AI technology market. A senior London stock market listing will provide us with the profile, credibility, and access to global capital to drive our growth.”

Use of net proceeds

The net proceeds of the Placing will be used to fund the Company’s general working capital requirements.

Details of the Placing

The Placing Shares, when issued and fully paid, will rank pari passu in all respects with the existing Ordinary Shares in issue and therefore will rank equally for all dividends or other distributions declared, made or paid after the issue of the Placing Shares.

The Placing is not being underwritten by Clear Capital Markets or any other person.

Total Voting Rights:

Application will be made to the Financial Conduct Authority (“FCA”) for admission of the Placing Shares to the standard listing segment of the Official List and to the London Stock Exchange (the “LSE”) for admission to trading of the Placing Shares on the LSE’s Main Market for listed securities (together “Admission”). It is expected that Admission will take place at or around 8.00 a.m. on or around 11 July 2024.

Following Admission, the Company confirms that its total issued share capital will consist of 418,340,862 Ordinary Shares, with one voting right per Ordinary Share. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA’s Disclosure Guidance and Transparency Rules.

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