Kondor AI on Friday said it entered into non-binding heads of terms to buy Ora Technology PLC, which the latter confirmed.
Kondor AI is a London-based developer of artificial intelligence products to offer on software-as-a-service model, focused analysis of visual input, while Ora Tech is a London-based retail carbon trading firm. Both are listed on the Aquis Stock Exchange.
Notably, Kondor AI highlighted it has a valuation of £18.0 million, while Ora which it aims to buy has a market cap of £20.6 million, according to the ten-day volume-weighted average price market cap up to Thursday.
Kondor said the terms are for the issue of new shares in Kondor based on 0.9988 shares for each share in Ora. Ora shareholders are expected to receive a 53.39% stake in the enlarged group, with Kondor shareholders to receive the remaining 46.61%.
Kondor has until September 20 to announce a firm intention to make an offer, or that it does not intend to make an offer for Ora.
Both companies have requested a suspension of their shares which were granted on Thursday morning.
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