Cykel AI PLC (AQSE: CYK) has formally agreed to merge with Mustang Energy PLC (LSE: MUST), a special-purpose acquisition vehicle. This merger will facilitate the combined entity’s transition to the main market of the London Stock Exchange.
Jonathan Bixby, Founder and CEO, emphasised the significance of this milestone: “We are delighted to complete the reverse takeover and re-list on the LSE. The AI technology market has experienced massive growth over the last few years. A senior London stock market listing elevates our profile, enhances our credibility, and expands our access to global capital, all of which are essential for driving our future growth.”
https://youtu.be/MIh–XRM50k?si=pIsh2xHoqwOFAFKS
The video is an interview with Jonathan Bixby, the executive chairman and founder of Cykel AI, hosted by Mark Fairbairn from StockBox. Here are the key points from the video:
- Company Transition: Cykel AI has completed its transition from the Aquis Exchange to the main board of the London Stock Exchange (LSE) through a reverse takeover with Mustang Energy. They are now trading as Mustang Energy on the LSE.
- Purpose of Listing: The move to the LSE was driven by the desire to provide early-stage investment opportunities in AI to the public, which are typically reserved for venture capitalists. The LSE’s prestigious platform offers greater visibility and investment potential.
- Vision and Product: Initially, Cykel AI aimed to be the “hands” for AI, complementing tools like ChatGPT, which is considered the “brain”. However, the vision has expanded to creating an autonomous computing experience for knowledge workers, automating various tasks to enhance productivity.
- Knowledge Worker Focus: The company targets knowledge workers (accountants, lawyers, stock brokers, etc.) who use their brains and computers to create leverage in their jobs. Their flagship product, the Cykel Agent, is designed to automate repetitive tasks, freeing up significant time for more critical activities.
- Product Development and Success: The Cykel Agent was in a closed beta phase, and the company exceeded its initial sales targets. They have formed strong partnerships and are focusing on bespoke solutions rather than a one-size-fits-all SaaS model. This approach has led to larger deals and more satisfied customers.
- Customer Use Cases: Examples of use cases include automating sales processes, optimizing marketing campaigns, and managing e-commerce operations across platforms like Amazon and Shopify.
- Revenue and Growth Plans: Cykel AI is already generating revenue and aims to grow through more partnerships and clients. They will update the market on their progress quarterly, focusing on metrics like users, tasks, and revenue.
- Market Potential: Bixby emphasizes the immense growth potential in the AI sector, comparing it to previous technological revolutions. He believes AI is still in its early stages, offering substantial opportunities for investors and companies.
- Mustang Energy Shareholders: The transition to AI is seen as a transformational deal for Mustang Energy shareholders, providing them with significant growth potential.
The interview highlights Cykel AI’s strategic shift, product success, and ambitious plans in the burgeoning AI market
Application has been made to the Aquis Stock Exchange for the cancellation of trading of the Cykel shares on the Aquis Stock Exchange Growth Market to take effect at 8.00 a.m. on 27 June 2024, when share certificates in respect of Cykel Shares will cease to be valid and entitlements to Cykel Shares held within the CREST system will be cancelled.
Applications have also been made for the New Mustang Shares to be admitted to trading at 8.00 a.m. on 27 June 2024 with the Cykel Shareholders receiving their New Mustang Shares, either by receiving share certificates in the New Mustang Shares or entitlements to the New Mustang Shares in the CREST system, on or around that time but no later than 14 days after the Effective Date.
On admission and for the time being, Mustang’s name will be Mustang Energy PLC. The opening price of Mustang’s shares will be 4.9p per share.
A separate announcement will be made regarding the cancellation of the listing and trading of Cykel’s shares.
