TECC Capital PLC, a special purpose acquisition company (SPAC) looking to invest in technology companies, has applied to be listed on the Access Segment of the Aquis Stock Exchange growth market.
Its focus will be investing in businesses which are developing and/or supporting the application of technology in innovative sectors such as: artificial intelligence and machine learning; telematics; life sciences (including medicinal cannabis and cannabidiol (CBD) wellness); cyber security; and eCommerce (including big data and the internet of things (IOT).
TECC Capital plans to issue 30mln shares on admission which will reduce the stake held by veteran tech investor Chris Akers to 9.9% from 25%. Akers, the former Leeds United chief executive, has floated several cash shells in the past and holds just under 5% of the shares in Semper Fortis Esports PLC (LON:SEMP), which started trading on Aquis last month.
The company expects to be admitted to the Aquis exchange on June 3.
Its application follows on from Boanerges Ltd (LON:BNRG), another tech-focused investment company, which started trading on Aquis last Monday.