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TECC Capital PLC - London-based special purpose acquisition company - Reports maiden loss after its initial public offering on the AQSE Growth Market in June 2021. For the period from the IPO to March 31, pretax loss is £253,408, the same as administrative expenses. Loses 1,070 pence per share. Looking forward, highlights £300,000 investment into a convertible loan with EDX Medical Ltd, which it announced in July.
TECC Capital was created for the purpose of identifying suitable business opportunities for a merger or acquisition. Firm reiterates it will focus on investing in businesses which are developing and/or supporting the application of technology in innovative sectors, including artificial intelligence and machine learning, telematics, cyber security, e-commerce, and life sciences.
‘The board has considered a wide variety of potential transactions and has conducted early stage negotiations and preliminary due diligence with a number of companies in disruptive technology sectors. However, these various discussions failed to lead to a transaction to which the board were prepared to commit the company's resources within the period,’ it says, adding it has continued to perform due diligence on some prospects and identify opportunities.
TECC Capital shares are currently suspended.
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