Fintech software provider of financial solutions TechFinancials Inc (LON:TECH) announced earlier this month that it is about to cancel the admission of the Ordinary Shares to trading on AIM and remain listed only on NEX.
TechFinancials has taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses.
TechFinancials’ Board considers that NEX is a more appropriate market for the company’s currently reduced size and its focus on new business streams. The Board also believes that NEX is a more appropriate market for blockchain companies with low revenues.
The company is seeking Shareholders’ approval for the cancellation at the General Meeting, which has been convened for 10:00 a.m. on 10 January 2020.
If the cancellation resolution is passed at the General Meeting, it is anticipated that the cancellation will become effective at 7.00 a.m. on 20 January 2020. Consequently, the last of trading in the company’s Ordinary Shares on AIM will be 19 January 2020.