Join our daily newsletter At The Bell to receive exclusive market insights
- Flamingo AI’s (FGO) asset sale to Rymamay Investments has fallen through after the parties failed to agree on the terms of the sale
- Last month, the artificial intelligence software company announced it had entered an agreement to sell all of its assets to Rymamay
- Flamingo will continue to seek to sell its intellectual property and business operations
- If a suitable acquirer is not found within the next 30 days, however, the board has flagged that the business will be discontinued from the end of July
- Company shares are trading flat for 0.1 cents each
Flamingo AI’s (FGO) asset sale to Rymamay Investments has fallen through after the parties failed to reach an agreement on the terms.
Last month, the artificial intelligence software company announced it had entered an agreement to sell all of its assets to Rymamay Investments, a trustee of the Craig Neil Investment Trust.
Today, Flamingo AI said that following completion of due diligence by Rymamay Investments, the parties were unable to agree on the terms of the share sale agreement.
Flamingo will continue to seek to sell its intellectual property and business operations. If a suitable acquirer is not found within the next 30 days, however, the business will be discontinued from July 31, 2020.
Nevertheless, the company will continue looking to acquire new assets which may require its to re-comply with Chapters 1 and 2 of the listing rules. These chapters relate to admission and quotation respectively.
Flamingo AI’s share price is unchanged with shares trading for 0.1 cents each at 1:24 pm AEST.
