AIQ Limited (LSE: AIQ), a special purpose acquisition company formed to undertake one or more acquisitions of a company or business in the e-commerce sector, is pleased to announce that its entire issued ordinary share capital of 64,760,721 Ordinary Shares will today be readmitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange (together, the "Readmission") following the completion of the acquisition of the entire issued share capital of Alchemist Codes Sdn Bhd ("AI Codes"), a Malaysian incorporated information technology solutions developer focusing on the e-commerce sector. Dealings will commence at 8.00 a.m. today under the TIDM "AIQ" with ISIN number KYG0180A1022.

Highlights:

- Readmission today of the Company to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules)

- Readmission to trading on the London Stock Exchange's Main Market for listed securities of the Company's Ordinary Shares

- Acquisition of AI Codes for approximately £2.3 million in 12,921,346 Ordinary Shares in the Company at 17.8 pence per share

- Appointment of Charles Yong Kai Yee, CEO & Founder of Al Codes, as an executive director of the Company

Background on Al Codes:

Al Codes is a specialist information technology software designer and developer focused on the e-commerce sector. Al Codes has two primary lines of business: an IT consultancy business, which provides customised software, web and app development for clients, and an e-commerce cashback solution, OCTAPLUS, which leverages proprietary data analytic tools, including artificial intelligence technology, for user targeting. Al Code's key customer regions are currently Malaysia, Singapore and Hong Kong, with expansion plans to grow into China and Europe.

Dealing Codes:

TIDM / AIQ

ISIN / KYG0180A1022

SEDOL / BF5R710

LEI / 213800HDDO9LNNBAYH53

Graham Duncan, Chairman of AIQ, commented:

"Today marks a foundational milestone in AIQ's development as we complete the acquisition of Alchemist Codes. This transformational step establishes AIQ as an experienced IT solutions and services business as well as offering our own AI-based e-commerce solution, OCTAPLUS. Whilst it is a difficult time for business globally, the value of digital solutions is more apparent than ever. We are now focused on expanding the Alchemist Codes IT consultancy business as well as progressing the rollout of OCTAPLUS, which we believe will position us for growth both now and in the years ahead. We look forward to updating the market on our progress and delivering shareholder value, and we thank our shareholders for their continued support."

Capitalised terms used in this announcement are as defined in the Prospectus, unless the context otherwise requires. A copy of the Prospectus may be accessed at the following link: https://www.aiqhub.com/web/download/200318_ProjectAA_Prospectus.pdf

.

(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE