Shares of FastFoward Innovations opened higher on Tuesday after it revealed that Yooma Wellness, in which it holds a 5.1% interest, has announced its intention to seek a dual-listing on the Aquis Stock Exchange Growth Market in London.
The company is also seeking £10 million in new funding as part of the listing. Yooma said it intends to use the financing to help fund three proposed accretive acquisitions.
“We believe that access to the London capital markets will significantly accelerate the growth of Yooma, and the company's plan to build a global wellness platform,” commented Lorne Abony, Chairman of Yooma.
“We have signed letters of intent with three strategic targets. In addition to strong revenue contribution, we have identified meaningful efficiency opportunities through vertical integration, and sales opportunities across the company's various platforms.”
Yooma said the price of the financing will be determined in the context of the market.
The three acquisitions comprise a reverse takeover of Globalive Technology Inc for $25 million and the acquisition of Wellness Brands from EMMAC Life Science Group and Socati Corp.
The total purchase price for the three proposed acquisitions is approximately $30 million, with the financing contributing towards the $14.5 million cash portion.
FastForward Innovations share price opened up at 9p following the news. However, it is currently trading 2.86% lower than Friday's close at 8.50p.
FastForward Innovations shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are FastForward Innovations shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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