Cellular Goods, a UK-based provider of premium consumer products based on biosynthetic cannabinoids, is pleased to announce that share dealings in its ordinary shares of £0.001 each will commence on the main market of the London Stock Exchange from 8am today under the ticker symbol CBX.
Susannah talks about today listing and thirteen times oversubscribed IPO.
The Company has been admitted to the standard segment of the Official List following a significantly oversubscribed initial public offering that raised £13 million before expenses for the Company.
More than 6,000 valid applications for shares were received in respect of the IPO.
Cellular Goods is the first provider of premium consumer products based on biosynthetic cannabinoids to join the London stock market.
A total of 260,000,000 ordinary shares (representing 51.5% of the Company’s issued share capital on Admission) have been issued at 5 pence each to institutional and retail investors, valuing Cellular Goods at a market capitalisation in excess of £25 million.
On admission, the Company will have 504,750,000 ordinary shares in issue.
Tennyson Securities and Novum Securities acted as joint bookrunners and brokers to the Company. PrimaryBid acted as retail adviser.
The purpose of the flotation is to raise the public profile and provide new funds for the Company’s expansion and long-term growth.
Commenting on Cellular Goods’ flotation, Alexis Abraham, Chief Executive Officer, said, ” Cellular Goods’ debut on the London Stock Exchange is a major step in the Company’s development and provides a strong foundation to execute our long-term growth strategy. We are delighted with the strong support from a wide range of institutional and retail investors to build premium consumer products based on biosynthetic cannabinoids under the Cellular Goods brand.”
Cellular Goods was established in August 2018 to develop efficacy-led and research-backed cannabinoid products. The initial focus is on two product verticals: premium skincare and topical athletic recovery products to be launched from this autumn. These will be made available through partnerships with leading online and physical retailers and direct to consumers through the Company’s website.
The Company has partnered with four leading biosynthetic cannabinoid producers in the United States who have experience and expertise in the manufacture of these compounds through a fermentation-based process to secure a consistent supply of legally-compliant raw materials.
The production of biosynthetic cannabinoids does not involve the cultivation or processing of the cannabis sativa plant.
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