Our Equity Capital Markets team is pleased to have advised Grant Thornton UK LLP (acting as financial and nominated adviser) and Fortified Securities (sole broker) in connection with the reverse takeover of Potentially Ltd by AIM-listed Tiger Alpha PLC and the company's associated £4.9 million fundraising.
The transaction constituted a reverse takeover under the AIM Rules and has resulted in the enlarged group being re-admitted to trading on AIM as Potentially AI PLC, a collective AI company focused on providing access to a broad range of open-source and frontier artificial intelligence models.
Alongside its re-admission, Potentially AI successfully raised approximately £4.9 million in gross proceeds through a placing, subscription and retail offer. The funds will support the company's product and technology development, commercial growth strategy and working capital requirements.
Potentially AI is developing a collective AI platform designed to provide users and businesses with access to more than 1,000 AI models, supporting greater flexibility, AI sovereignty and data control. The company intends to launch a consumer application, professional workplace tools and a creator marketplace in the near future.
The Hill Dickinson team was led by Legal Director Alex Stoughton and Associate Oliver Hart.
This transaction highlights the continued attractiveness of reverse takeovers as an alternative route to the public markets for ambitious growth businesses. An AIM RTO can provide an efficient path to listing, enabling companies to access capital and the benefits of being publicly quoted as they pursue their growth ambitions.Alex Stoughton
Legal Director at Hill Dickinson
Alex Stoughton, Legal Director at Hill Dickinson, said: “This transaction highlights the continued attractiveness of reverse takeovers as an alternative route to the public markets for ambitious growth businesses. An AIM RTO can provide an efficient path to listing, enabling companies to access capital and the benefits of being publicly quoted as they pursue their growth ambitions.
“Advising Grant Thornton and Fortified Securities on this transaction reflects the depth of our capital markets expertise and our strong track record supporting advisers and companies on complex AIM transactions.”