AIQ Limited plans share placing and rubbishes Crypto rumours

Social commerce acquisition vehicle AIQ Limited distanced itself from rumours of a potential crypt-currency purchase and announced that it plans to undertake a share placing to generate liquidity.

The company is set to raise approximately £367,875 through the placing of 575,000 new shares at 20.00p each and a further 1.3m new shares in an open offer at the same time.

The company saw its shares suspended three months ago after the company had been trading for just three days after shares experienced what AIQ described as an "excessive and unwarranted" price rise following "unwarranted" speculation regarding company acquisitions in the crypto-currency market.

Consequently, the company sought to emphasise that it is not currently engaged in advanced negotiations for any target and has no plans to makes purchases in the digital currency or blockchain sectors.

Instead AIQ is looking into acquisitions in the e-commerce sector with a particular focus on data mining, artificial intelligence, and social & online media firms in Europe, Asia and The United States.

Graham Duncan, chairman of AIQ Limited, said: "I am pleased that we have been able to navigate these difficult circumstances and are close to resolving the outstanding issues in reinstating the trading of the Company's shares. We look forward to continuing with our acquisition strategy and will update the market of our progress in due course."

As of 1604 BST, AIQ Limited’s shares were unchanged at 125.00p.