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- Cycliq (CYQ) shares closed up 60 per cent following a flurry of announcements including an acquisition, a private placement and a board reshuffle
- The small cap acquired cycling resistance training company AIRhub in a move aimed at expanding CYQ’s technology portfolio
- CYQ has a $418,000 capital raising in the pipeline to fund the AIRhub buy which is lead by Merchant Capital Partners
- AIRhub’s founder Michael Freiberg will subsequently join Cycliq’s executive team as Chief Product Officer
- In further board moves, Paul Claessen and Ben Hammond will be stepping down Co-Chief Executive Officers
- Cycliq shares rocketed up 60 per cent, closing at 0.4 cents each today.
Cycliq (CYQ) shares closed up 60 per cent following a flurry of announcements including an acquisition, a capital raise and a board reshuffle.
The acquisition was for cycling resistance training company AIRhub in a move aimed at expanding CYQ’s technology portfolio.
CYQ has a $418,000 capital raising in the pipeline to fund the AIRhub buy, which is lead by Merchant Capital Partners. A total of 209,000,000 shares will are set to be issued in the already oversubscribed placement at 0.002 cents each.
AIRhub’s inventor and designer Michael Freiberg, will join CYQ as Chief Produc tOfficer, overseeing the ongoing commercialisation of AIRhub.
In further board moves, Paul Claessen and Ben Hammond will be stepping down Co-Chief Executive Officers effective 15 February 2021.
Cycliq Chairman Craig Smith-Gander said they are currently on the hunt for a new Chief Executive Officer to push Cycliq’s next phase of growth.
“We are truly excited to be able to bring the AIRhub to market, leveraging
the Company’s existing manufacturing, distribution, marketing and sales channels,”
“The board would like to sincerely thank Paul and Ben for their significant efforts over the past three years.”
Cycliq shares rocketed up 60 per cent, closing at 0.4 cents each today.
