Kondor AI’s acquisition of Ora Technology faces ongoing delays, raising concerns.
- The proposed acquisition involves a full share exchange between both Aquis-listed companies.
- The initial offer, made in September, has been extended multiple times, with a new deadline set for December.
- Kondor AI focuses on developing AI tools, with its latest app aiding in image and video analysis.
- Ora Technology operates a digital platform for trading carbon credits, crucial for supporting environmental projects.
Kondor AI’s plan to acquire Ora Technology has encountered further setbacks, affecting investor sentiments and strategies. The acquisition, consisting of a share exchange, envisages Kondor acquiring all outstanding shares of Ora. Originally suggested in September, the proposal has been rescheduled multiple times, now targeting formalisation by mid-December.
The delay in the acquisition process primarily stems from the need for additional time to finalise the agreement. The initial terms proposed exchanging 0.9988 Kondor shares for each Ora share. However, this timeline has been pushed back, first to October and now to December, highlighting potential complications or negotiations underway.
Kondor AI, established in 2021, specialises in artificial intelligence, particularly computer vision. Among its innovations is an AI assistant available on app stores, intended for tasks such as homework assistance and research. This strategic acquisition aligns with Kondor’s vision to expand its technological capabilities.
Ora Technology, listed alongside Kondor on the Aquis exchange, offers a platform for trading carbon credits. These credits are instrumental in funding carbon offset projects. This acquisition could enhance Ora’s reach and operational capacity, potentially influencing the voluntary carbon market significantly.
As of mid-November, Kondor’s shares are valued at 10p, with Ora’s slightly lower at 9.95p. The Aquis exchange, while recently undergoing its acquisition by the Six Group, continues to support such trades and listings, ensuring its ongoing influence in the financial markets.
The ongoing delay of the Kondor AI and Ora Technology acquisition highlights challenges in executing complex corporate transactions.
