Aquis Stock Exchange Newsletter Q4 2023
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Published:
January 18, 2024
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Whilst many would expect a quiet last quarter in what has, at times, been a difficult year for capital markets, the opposite is true for Aquis Stock Exchange.
We welcomed 9 new admissions in the period, taking our total to 16 for the year. This means for the second year in a row, more companies chose Aquis Stock Exchange as their partner than any other UK Growth Market. This is an achievement everyone is incredibly proud of and highlights the importance of providing not only a home for UK growth companies looking to access scale-up capital, but also a competitive landscape where companies can choose their preferred market.
New joiners are only part of the role of an exchange, and we continue to make strides in drawing attention to the exciting companies we have quoted. These efforts culminated in our flagship event, The Aquis Showcase 2023. In front of an investor audience of over 200, 15 of our companies battled it out to be crowned overall winner. After the hotly contested group stages, Equipmake Holdings, Invinity Energy Systems, Quantum Exponential, RentGuarantor, and Shepherd Neame, made it through to the final. Although all 5 held up well to some tricky questions from Andy Brough of Schroders, there could be only one winner and our congratulations go to Ian Foley of Equipmake who emerged victorious. Many thanks to all those who attended as well as our sponsors for the day Armstrong Teasdale, VSA Capital, Alma Strategic Communications, IG, and Crowe.
Events like these, alongside our newly launched Capital Market Support programme, contributed to a record trading month in November and overall trading volumes for the year finished nearly 10% up on 2022.
Read on below for a full recap and a few things to be excited for in the first quarter of 2024!
Substrate AI
Substrate AI is an artificial intelligence company based in Spain that creates, buys and scales companies in the AI space. Substrate AI successfully listed their class B shares on the 10th of October before adding their A shares on the 7th of December.
Substrate AI is an artificial intelligence company based in Spain that creates, buys and scales companies in the AI space. Substrate AI successfully listed their class B shares on the 10th of October before adding their A shares on the 7th of December.
Mydecine Innovations Group
Mydecine Innovations Group who develop and commercialise innovative solutions for treating mental health problems and enhancing wellbeing, also joined the market on 10th of October with a £4.5m market cap.
Mydecine Innovations Group who develop and commercialise innovative solutions for treating mental health problems and enhancing wellbeing, also joined the market on 10th of October with a £4.5m market cap.
Cykel AI
Cykel AI, a software business developing advanced artificial intelligence products, intending to offer these to consumers through a SaaS model, joined the market on 25th of October after a £1.75m fund raise.
Cykel AI, a software business developing advanced artificial intelligence products, intending to offer these to consumers through a SaaS model, joined the market on 25th of October after a £1.75m fund raise.
Adsure Services
Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider with over 150 employees, joined the market on the 30th of October with a £4.7m market cap.
Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider with over 150 employees, joined the market on the 30th of October with a £4.7m market cap.
Investment Evolution Credit
Investment Evolution Credit joined the market on the 14th of December with a £2.9m market cap having raised £0.5m. The IEC group has been operating in the consumer finance industry in the United States since 2010. IEC also plans to offer online consumer loans in United Kingdom after obtaining a Financial Conduct Authority consumer lending license.
Investment Evolution Credit joined the market on the 14th of December with a £2.9m market cap having raised £0.5m. The IEC group has been operating in the consumer finance industry in the United States since 2010. IEC also plans to offer online consumer loans in United Kingdom after obtaining a Financial Conduct Authority consumer lending license.
Flex Labs Inc.
Flex Labs Inc. whose main product is Flex Elements, a series of software tools, libraries, and platforms that provide intermediate services and functionalities to simplify the development, deployment, and operation of AI applications joined the market on the 15th of December via a £1.1m fund raise.
Flex Labs Inc. whose main product is Flex Elements, a series of software tools, libraries, and platforms that provide intermediate services and functionalities to simplify the development, deployment, and operation of AI applications joined the market on the 15th of December via a £1.1m fund raise.
Good Life Plus
Good Life Plus completed a reverse into Semper Fortis PLC on the 18th of December. The new company raised £1.4m and operates an entertainment-focused monthly subscription service for consumers that provides access to daily prize draws.
Good Life Plus completed a reverse into Semper Fortis PLC on the 18th of December. The new company raised £1.4m and operates an entertainment-focused monthly subscription service for consumers that provides access to daily prize draws.
Kondor AI
Kondor AI joined the market on the 21st of December with an initial market cap of £4.6m having raised £1.5m. The Company intends to operate a software business engaged in the development of advanced artificial intelligence products with a particular focus on vision-based AI.
Kondor AI joined the market on the 21st of December with an initial market cap of £4.6m having raised £1.5m. The Company intends to operate a software business engaged in the development of advanced artificial intelligence products with a particular focus on vision-based AI.
Ananda Developments plc
Ananda Developments plc announced that its wholly owned subsidiary MRX Medical Limited has signed a Drug Supply Agreement with the University of Edinburgh and the Lothian Health Board.
Ananda Developments plc announced that its wholly owned subsidiary MRX Medical Limited has signed a Drug Supply Agreement with the University of Edinburgh and the Lothian Health Board.
Black Sea Property PLC
Black Sea Property PLC announced the completion of the acquisition of Grand Hotel Varna, including three hotels and a beach marina resort on the Black Sea coast. The company completed a EUR 21.1 million fundraising, with EUR 10.8 million raised through a placing of new ordinary shares.
Black Sea Property PLC announced the completion of the acquisition of Grand Hotel Varna, including three hotels and a beach marina resort on the Black Sea coast. The company completed a EUR 21.1 million fundraising, with EUR 10.8 million raised through a placing of new ordinary shares.
EDX Medical Group plc
EDX Medical Group plc announced that it has entered into a strategic agreement with Guardant Health Inc. (NASDAQ: GH), a leading precision oncology company, to distribute Guardant Health's blood-based liquid biopsy tests in certain market sectors in the U.K. and several Nordic countries. Under the agreement, EDX Medical will distribute the Guardant360® CDx test for genomic testing in advanced cancer and the Guardant Reveal™ test for residual disease and recurrence detection in early-stage cancer to the private healthcare sector in the U.K.
EDX Medical Group plc announced that it has entered into a strategic agreement with Guardant Health Inc. (NASDAQ: GH), a leading precision oncology company, to distribute Guardant Health's blood-based liquid biopsy tests in certain market sectors in the U.K. and several Nordic countries. Under the agreement, EDX Medical will distribute the Guardant360® CDx test for genomic testing in advanced cancer and the Guardant Reveal™ test for residual disease and recurrence detection in early-stage cancer to the private healthcare sector in the U.K.
Equipmake Holdings PLC
Equipmake announced its selection by Perkins Engines Company Ltd ("Perkins"), to leverage its e-powertrain technology and experience on a new off-highway hybrid system demonstration project, and the award of £3.24m of associated government funding through the Advanced Propulsion Centre UK ("APC"). Perkins is a wholly owned subsidiary of Caterpillar Inc, the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Led by Perkins, the programme has been awarded £11 million in funding by the APC, with Equipmake receiving a total of £3.24 million.
Equipmake announced its selection by Perkins Engines Company Ltd ("Perkins"), to leverage its e-powertrain technology and experience on a new off-highway hybrid system demonstration project, and the award of £3.24m of associated government funding through the Advanced Propulsion Centre UK ("APC"). Perkins is a wholly owned subsidiary of Caterpillar Inc, the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Led by Perkins, the programme has been awarded £11 million in funding by the APC, with Equipmake receiving a total of £3.24 million.
Hydrogen Future Industries plc
Hydrogen Future Industries plc announced it has signed a memorandum of understanding with the University of Bristol to collaborate to advance respective technologies, secure funding for joint research and development and accelerate commercial opportunities.
Hydrogen Future Industries plc announced it has signed a memorandum of understanding with the University of Bristol to collaborate to advance respective technologies, secure funding for joint research and development and accelerate commercial opportunities.
Incanthera PLC
Incanthera PLC announced a commercial deal for the launch of Skin + CELL (Incanthera's unique, high-end skincare range) with Marionnaud Switzerland and Austria ("Marionnaud"), part of the A.S. Watson Group ("A.S. Watson"). The company says that the launch of Skin + CELL with Marionnaud is transformational for Incanthera and based on the potential market forecasts of Marionnaud, is expected to generate significant revenues and profitability in 2024 and beyond.
Incanthera PLC announced a commercial deal for the launch of Skin + CELL (Incanthera's unique, high-end skincare range) with Marionnaud Switzerland and Austria ("Marionnaud"), part of the A.S. Watson Group ("A.S. Watson"). The company says that the launch of Skin + CELL with Marionnaud is transformational for Incanthera and based on the potential market forecasts of Marionnaud, is expected to generate significant revenues and profitability in 2024 and beyond.
KR1 plc
KR1 plc provided an update on the Company’s investment into Celestia (formerly “LazyLedger”) following the recent launch of its mainnet. Celestia (“TIA”) is a modular data availability network that securely scales with the number of users, making it easy for anyone to launch their own blockchain. The Company holds a total of 7,500,000 TIA, which are the native digital asset of the Celestia network and result entirely from KR1’s investment into Celestia’s seed funding round three years ago.
KR1 plc provided an update on the Company’s investment into Celestia (formerly “LazyLedger”) following the recent launch of its mainnet. Celestia (“TIA”) is a modular data availability network that securely scales with the number of users, making it easy for anyone to launch their own blockchain. The Company holds a total of 7,500,000 TIA, which are the native digital asset of the Celestia network and result entirely from KR1’s investment into Celestia’s seed funding round three years ago.
One Health Group PLC
One Health Group PLC announced its unaudited interim results for the six months ended 30 September 2023. The Group has experienced an increase of 13% in revenues, 48% increase in profitability, and a 36% increase in cash. The interim dividend has been increased by 22% to 2.03p per share.
One Health Group PLC announced its unaudited interim results for the six months ended 30 September 2023. The Group has experienced an increase of 13% in revenues, 48% increase in profitability, and a 36% increase in cash. The interim dividend has been increased by 22% to 2.03p per share.
Psych Capital Plc
Psych Capital Plc announced the completion of its acquisition of life science company Shortwave Pharma Inc. ("Shortwave Pharma"). The company says Shortwave Pharma is developing breakthrough therapies to address unmet medical needs in mental health, particularly in the field of eating disorders. Specifically, Shortwave Pharma is developing a transformative clinical solution for anorexia nervosa, the most fatal eating disorder, and a complex and often underserved area of healthcare.
Psych Capital Plc announced the completion of its acquisition of life science company Shortwave Pharma Inc. ("Shortwave Pharma"). The company says Shortwave Pharma is developing breakthrough therapies to address unmet medical needs in mental health, particularly in the field of eating disorders. Specifically, Shortwave Pharma is developing a transformative clinical solution for anorexia nervosa, the most fatal eating disorder, and a complex and often underserved area of healthcare.
Quantum Exponential Group plc
Quantum Exponential Group plc noted an announcement released by its portfolio company, Oxford Quantum Circuits ("OQC"). OQC announced the launch of OQC Toshiko, the world's first enterprise- ready quantum computing platform, and that SBI Investment, Japan's premier venture capital fund, is leading its US$100 million Series B fundraise. Quantum Exponential holds 47,164 of Series A2 shares in OQC representing 0.34% on a fully diluted basis.
Quantum Exponential Group plc noted an announcement released by its portfolio company, Oxford Quantum Circuits ("OQC"). OQC announced the launch of OQC Toshiko, the world's first enterprise- ready quantum computing platform, and that SBI Investment, Japan's premier venture capital fund, is leading its US$100 million Series B fundraise. Quantum Exponential holds 47,164 of Series A2 shares in OQC representing 0.34% on a fully diluted basis.
RentGuarantor Holdings PLC
RentGuarantor provided quarterly activities update for the three-month period ended 30 September 2023. The update noted that revenue and tenant contracts were up approximately 100% year-on-year, reflecting the growing demand for the RentGuarantor service.
RentGuarantor provided quarterly activities update for the three-month period ended 30 September 2023. The update noted that revenue and tenant contracts were up approximately 100% year-on-year, reflecting the growing demand for the RentGuarantor service.
SulNOx Group PLC
SulNOx Group PLC announced that its drop-in fuel conditioner, SulNOxEco™, has been verified to have reduced fuel consumption by over 5% in an ocean trial in a two-stroke engine burning Marine Diesel Oil (DIN ISO 8217). The company says that during a five month-long trial in cooperation with a Hamburg-based shipping company and a Northern German university for maritime shipping, baseline measurements of fuel consumption on the two-stroke MAN B&W 6S35MC engine were taken at 60% and 70% engine load, before and after using SulNOxEco™ treated fuel. The evaluation measured a consistent 5-6% reduction in specific fuel consumption under real operating conditions during commercial voyages in the North Atlantic Ocean and Mediterranean Sea
SulNOx Group PLC announced that its drop-in fuel conditioner, SulNOxEco™, has been verified to have reduced fuel consumption by over 5% in an ocean trial in a two-stroke engine burning Marine Diesel Oil (DIN ISO 8217). The company says that during a five month-long trial in cooperation with a Hamburg-based shipping company and a Northern German university for maritime shipping, baseline measurements of fuel consumption on the two-stroke MAN B&W 6S35MC engine were taken at 60% and 70% engine load, before and after using SulNOxEco™ treated fuel. The evaluation measured a consistent 5-6% reduction in specific fuel consumption under real operating conditions during commercial voyages in the North Atlantic Ocean and Mediterranean Sea
rev Female Founders
In October Aquis partnered with Pitchflix to host the first edition of rev Female Founders, where 13 investors pitched to a full-house of female entrepreneurs. This was a great way of introducing and highlighting the funding options available to exciting young female-led companies seeking to scale and we were proud to welcome so many for our inaugural event.
In October Aquis partnered with Pitchflix to host the first edition of rev Female Founders, where 13 investors pitched to a full-house of female entrepreneurs. This was a great way of introducing and highlighting the funding options available to exciting young female-led companies seeking to scale and we were proud to welcome so many for our inaugural event.
Aquis Showcase
The 2nd Aquis Showcase which took place on the 28th November 2023 was a great success and attracted over 200 attendees, featured 18 presenting companies (including three pre-IPO), and was supported by five prominent capital markets sponsors. This was complemented by an address from the shadow economic secretary, and fireside chats from a leading small cap fund manager (Andy Brough, Schroders) and well-known City commentator (Joanne Hart, Mail on Sunday). If you couldn’t make it, please view the highlights video here.
The 2nd Aquis Showcase which took place on the 28th November 2023 was a great success and attracted over 200 attendees, featured 18 presenting companies (including three pre-IPO), and was supported by five prominent capital markets sponsors. This was complemented by an address from the shadow economic secretary, and fireside chats from a leading small cap fund manager (Andy Brough, Schroders) and well-known City commentator (Joanne Hart, Mail on Sunday). If you couldn’t make it, please view the highlights video here.
Global Tech Connect
Finally, we spoke at the Global Tech Connect AI Bootcamp London Roadshow in November about the opportunities on UK public markets for companies involved in new tech ecosystems.
Finally, we spoke at the Global Tech Connect AI Bootcamp London Roadshow in November about the opportunities on UK public markets for companies involved in new tech ecosystems.
21st February
Our first event of the year will focus on the importance of good corporate governance in unlocking institutional investment, and will feature a panel discussion with James Ashton, CEO of the QCA (Quoted Companies Alliance) and prominent small cap fund managers Gervais Williams, Premier Miton, Ken Wotton, Gresham House plus others.
Our first event of the year will focus on the importance of good corporate governance in unlocking institutional investment, and will feature a panel discussion with James Ashton, CEO of the QCA (Quoted Companies Alliance) and prominent small cap fund managers Gervais Williams, Premier Miton, Ken Wotton, Gresham House plus others.
14th March
We will be continuing our Journey to IPO series for all companies thinking of using the public markets to help scale their businesses with the first event this year taking place on the 14th March.
We will be continuing our Journey to IPO series for all companies thinking of using the public markets to help scale their businesses with the first event this year taking place on the 14th March.
If you would like to attend any of our events, please email AQSEBusinessDevelopment@aquis.eu
Fee Schedule
The market notice from Aquis Stock Exchange notifying members of the recent update to the Aquis Growth Market Issuer Fee Schedule was released on 19th December 2023. This update will be effective from 1st April 2024.
The market notice from Aquis Stock Exchange notifying members of the recent update to the Aquis Growth Market Issuer Fee Schedule was released on 19th December 2023. This update will be effective from 1st April 2024.
The revised Issuer Fee Schedule is accessible through the following link: Document Library - Aquis Stock Exchange.
Corporate Adviser Consultation
Aquis Stock Exchange is consulting on proposed changes to the Corporate Adviser Handbook, intended to enhance and clarify existing requirements related to conflicts of interest. The changes underscore the importance of actively managing conflicts of interest and addressing any regulatory conflicts so as to maintain market confidence.
Aquis Stock Exchange is consulting on proposed changes to the Corporate Adviser Handbook, intended to enhance and clarify existing requirements related to conflicts of interest. The changes underscore the importance of actively managing conflicts of interest and addressing any regulatory conflicts so as to maintain market confidence.
A marked-up version of the revised Corporate Adviser Handbook can be found in the consultation section on our website https://www.aquis.eu/stock-exchange/rules-and-regulations/consultations.
We invite market participants to provide feedback on the proposed changes to aqseregulation@aquis.eu by 8 February 2024.