NFT Investments PLC (AQSE: NFT) announced in January that it had signed a non-binding letter of intent for the proposed acquisition of Pluto Digital PLC for a consideration of £96 million to be satisfied in NFT shares, subject to shareholder approval.
Headquartered in London, NFT Investments is an incubator specializing in the market for non-fungible tokens (NFTs). The company has invested in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology.
Pluto is a crypto technology and operations company with a mission to bring Decentralised Finance (DeFi) and the Metaverse to the global economy.
On Friday, NFT Investments said that after careful consideration, it will not proceed with the proposed acquisition of Pluto Digital. The company said it will continue to evaluate other opportunities in the NFT sector that it believes will be accretive to shareholder value.
Today, Barry Downes, Director of Pluto, issued the following statement of cessation of the acquisition:
“The directors are committed to delivering shareholder value by providing the Group the right opportunities to drive the business forward. We take pride in aligning ourselves with the right partners who share our vision and whose ambitions match ours as we take this group to the next level. We firmly believe that public markets will assist us in enhancing our profile and contribute to the growth of the business. We will continue to explore opportunities and look at all public markets in UK, US or Canada where investors are supportive of a business such as ours. Pluto has taken giant steps over the past 12 months towards achieving our goal to bring Decentralised Finance (DeFi) and Metaverse (blockchain gaming and NFTs) to the global economy. We look forward to updating shareholders on this next week alongside presenting our audited accounts.”
NFT Investments currently has a market cap of around £19.3 million. Shares are trading slightly lower since the announcement on Friday.