Iconic Labs PLC - London-based media and technology business, and owner of LGBTQ+ news website Gay Star News - Intends to refocus strategic efforts on identifying a suitable acquisition target, most likely in the form of a reverse takeover. Says that it will continue to develop Gay Star News while narrowing down the pool of viable acquisition candidate.

Last year, Iconic had said that it intended to establish a strategic advisory services business, engaging in fee-based service contracts with technology companies. Now says that it is ‘confident that this strategic shift will pave the way for long-term growth and create substantial value for its shareholders’.

Current stock price: 3.58 pence

12-month change: down 98%

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