Argent BioPharma has decided to leave the London Stock Exchange, reflecting broader trends in the market.
- The company will maintain its presence on the Australian market after assessing costs and processes.
- Argent BioPharma’s share value experienced a significant drop since its initial listing in London.
- Regulatory and liquidity challenges have influenced their decision to withdraw from the London market.
- Other firms, such as Just Eat Takeaway, are following similar paths, citing similar concerns.
Argent BioPharma, a medical tech company, has announced that it will withdraw from the London Stock Exchange. The decision comes after a comprehensive review of the regulatory demands and financial implications of maintaining listings in both London and Sydney. The company aims to simplify processes and enhance administrative efficiency by cancelling its London shares while retaining its listing in Australia.
Based in Subiaco, Western Australia, Argent BioPharma was originally listed on the London market in 2021. It has faced difficulties in sustaining its share value, which fell drastically from an opening price of 4950p to merely 9p. The company’s recent financial report for the year ending June 2023 showed a loss exceeding £4 million, alongside limited revenue of £120,000.
The withdrawal of Argent BioPharma from the London Stock Exchange is part of a growing trend among firms seeking to cut regulatory expenses and address liquidity issues. Just Eat Takeaway has similarly announced plans to cease operations in London, prioritising its primary listing on Euronext Amsterdam due to low trading volumes and high administrative costs.
Moreover, maritime tech company OTAQ has also declared its intention to depart from the Aquis Exchange. The trend of delisting appears pervasive, as evidenced by the 92 companies that exited London’s Alternative Investment Market (AIM) over the past year.
Argent BioPharma’s decision underscores a broader shift among firms reassessing the viability of the London Stock Exchange amidst regulatory and financial challenges.
