Synairgen PLC was the top performer in the AIM market, rallying over 80% and hitting a year-to-date high of 16.6p.
The reason for the specialist respiratory biotech company’s surge in share price is not clear, but it is speculated that American SPAC managers may be showing interest.
It appears that SPACs are not yet outdated, as evidenced by the recent deal made by Spectral MD, an AIM-listed medical technology company. The company has signed an agreement with Rosecliff Acquisition Corp I to reverse into a NASDAQ listing, which is estimated to have an enterprise value of US$170mln (£134mln).
The newly listed Ocean Harvest Technology Group, which produces seaweed-based animal nutrition products, had a successful first week of public trading with a more than 40% increase in share price, closing at 24.6p and a market capitalisation of £31mln.
ImmuPharma, a medical sector company, also performed well with a 60% increase in share price to 3.1p following a positive update on its lead asset, the P140 neurological disease treatment.
Kodal Minerals surged 50% higher after receiving approval from Chinese authorities for Hainan Mining Co.’s US$118mln financing package for the Bougouni Lithium Project in Mali.
Vast Resources saw a dip in share price after raising nearly £1mln via a placing of new shares but made up for it with a 10% increase on Friday. Trinity Exploration & Production suffered a 5% dip after halting production due to a generator-related fire.
Overall, the AIM All-Shares index had a positive week, with a more than 2% increase in share price, outperforming the FTSE 100.
