Kondor AI’s planned acquisition of Ora Technology has hit further delays, marking another setback in finalising the takeover.
- Originally proposed in September, Kondor AI aimed to acquire the shares of Ora Technology through a share swap arrangement.
- The initial deadline for finalising the proposal was postponed from October to mid-November, now extended to December.
- The reason for these ongoing delays remains unclear, as both companies await a binding commitment.
- Aquis exchange, which listed both companies, recently underwent changes with no impact on its operations.
Kondor AI, an Aquis-listed company, has faced multiple setbacks in its endeavour to acquire Ora Technology. The acquisition plan, initiated in September, involves Kondor obtaining all issued and to be issued shares of Ora through a non-binding share swap proposal, where 0.9988 Kondor shares would be exchanged for each share of Ora. Initially, this acquisition was expected to progress quickly, but unforeseen delays have pushed the deadline first to October, then to mid-November, and now further to December.
The exact reasons behind these continued delays have not been disclosed, and as of now, both Kondor and Ora have not provided clarity regarding the holdups. It remains a point of speculation whether regulatory, financial, or strategic issues are causing the protraction in completing the deal. The takeover panel has allowed extensions, indicating room for further negotiations and adjustments if necessary.
Kondor AI, founded in 2021, focuses on developing artificial intelligence tools, primarily in the domain of computer vision, and has released an AI assistant on various platforms. This technology empowers users by understanding images and videos, which it can process and analyse for educational and research purposes. Ora Technology, also listed in 2023, operates a platform for digital carbon trading, facilitating transactions in the voluntary carbon market. These credits play a crucial role for firms looking to support carbon offset projects financially.
The latest trading figures as of 18 November show Kondor shares at 10p and Ora at 9.95p. Despite the delays, both companies continue to operate, with observers keenly watching the market’s response to the extended acquisition timeline. The broader context includes changes at the Aquis exchange, which was founded in 2012 and recently agreed to a takeover by Swiss bourse operator Six Group. Notably, this acquisition, valued at £207 million, allows Aquis to maintain its brand and operational model.
The ongoing delays have left the outcome of Kondor AI’s acquisition of Ora Technology uncertain, pending further developments.
