Kondor AI’s acquisition of Ora Technology continues to face setbacks, pushing the timeline further.
- Initial plans to acquire Ora’s shares have been delayed multiple times since September.
- The latest extension moves the deadline to 13 December, with potential for further delays.
- Kondor AI, a recent player in AI tools, aims to enhance its capabilities through this acquisition.
- Ora Technology operates in the voluntary carbon credit market, offering digital trading solutions.
Kondor AI’s proposed acquisition of Ora Technology has encountered more delays, adding to ongoing setbacks since September. Initially, the acquisition plan aimed to exchange new shares for Ora’s shares, based on nearly one Kondor share per Ora share. However, these plans have been delayed twice, with the latest deadline extension set for 13 December. There is potential for further delays if required by authorities.
Kondor AI, which entered the stock market via the Aquis exchange in 2023, focuses on developing AI tools, particularly in computer vision. Its current offerings include an AI assistant available on the App Store, which can interpret images and videos for various tasks such as homework assistance. The acquisition of Ora Technology is expected to complement Kondor’s technological capabilities.
Ora Technology, also listed on Aquis in 2023, operates a platform for trading carbon credits in the voluntary market. These credits are essential for organisations looking to support carbon offset projects financially. Despite the strategic moves by Kondor, the reason behind targeting Ora has not been explicitly clarified, raising speculations about future plans.
As of 18 November, Kondor and Ora’s shares were trading closely at 10p and 9.95p per share, respectively. This reflects the ongoing uncertainty and potential impact of the acquisition delays on their market valuations. The Aquis exchange, founded in 2012 and recently acquired by Six Group, remains a crucial platform for these corporate transactions.
The ongoing delays in Kondor AI’s proposal highlight the complex nature of corporate acquisitions in evolving markets.
