The acquisition efforts of Kondor AI to purchase Ora Technology have encountered additional delays.
- Initially proposed in September, the acquisition plan has been extended multiple times.
- The initial offer proposed a share exchange based on specific ratios between Kondor and Ora shares.
- Despite a new deadline set for December, further extensions may occur if requested by the takeover panel.
- Both companies, listed on Aquis, operate in distinct innovative sectors, yet the exact motivations for the acquisition remain unclear.
Kondor AI, noted for its focus on developing artificial intelligence tools, continues to face hurdles in acquiring Ora Technology, a company specializing in digital carbon trading. Initially set in motion in September, the acquisition was to involve the exchange of shares, specifically 0.9988 Kondor shares for each Ora share. However, the timeline has been pushed back twice, with the latest deadline now set for December. Extensions beyond this date remain a possibility, contingent on the takeover panel’s decisions.
Kondor, having made its debut on the Aquis exchange in 2023, seeks to expand its reach by integrating Ora Technology’s digital carbon trading capabilities. Ora, also listed on the Aquis exchange since 2023, enables the buying and selling of carbon credits, thereby supporting carbon removal initiatives. This acquisition reflects a strategic move, though the specific motivations behind Kondor’s interest in Ora are not disclosed.
The Aquis exchange, launched in 2012, plays a pivotal role in this exchange, having recently agreed to a takeover by Six Group valued at £207 million. The acquisition of Aquis will allow for continued operations under its current brand, further establishing its significance as a challenger in the exchange market.
As of mid-November, the stock performance of both companies has been modest, with Kondor shares priced at 10p and Ora shares closely matched at 9.95p. Despite these challenges, both companies continue to pursue their strategic goals, with Kondor advancing its AI technology and Ora maintaining its stance in the voluntary carbon market.
The acquisition journey highlights the complexities faced by companies in strategic expansions, with Kondor AI navigating potential setbacks toward its goals.
