Source - Alliance News

The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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AIM - WINNERS

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Spectral MD Holdings Ltd, up 75% at 49.00 pence, 12-month range 27p-67p. The AI medical diagnostics firm agrees a business combination with Nasdaq-listed special purpose acquisition company Rosecliff Acquisition. It expects to receive gross proceeds in excess of $20 million, with the transaction valuing the firm at $170 million, or 101p a share. It expects the proposed combination to complete in the third quarter of the year, subject to shareholder approval. As part of the deal, Spectral intends to cancel its AIM listing. ‘The Nasdaq listing will ensure we are well positioned to capitalize on US federal procurement contracts, our planned FDA and CE mark submissions in 2023 and 2024, and our commercialization roadmap for burn, DFU, 3-D wound size measurement, as well as support the advancement of additional pipeline clinical applications,’ says Chief Executive Wensheng Fen.

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Block Energy PLC, up 30% at 1.88p, 12-month range 0.9p-2.39p. The London-based oil and gas exploration and production company focused on Georgia signs deal with the Ministry of Economy & Sustainable Development of Georgia for an undisclosed sum. Says the pact will cover government support and initiatives for the developments of projects I, II, III and IV through ‘data sharing, cooperation and the facilitation of meetings with national and regional large oil companies’. ‘This MoU reflects the strength of government support for the development of Block’s assets, which will be helped by the sharing of data and other cooperation initiatives,’ says Chief Executive Officer Paul Haywood.

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AIM - LOSERS

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Zephyr Energy PLC, down 15% at 4.34p, 12-month range 3.75p-8.1p. The Rocky Mountains oil & gas explorer and developer announces that the State 36-2 LNW-CC well in the Paradox Basin in Utah on Friday released hydrocarbons in an uncontrolled manner, following a presumed failure in a safety valve. The company says control efforts have been successful, with all relevant authorities notified and efforts underway to remove impacted soil and clean the service rig and equipment. It adds it plans to conduct a confirmatory environmental survey in the near term.

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Devolver Digital Inc, down 13% at 28p, 12-month range 28p-170p. The digital publisher and developer of independent video games swings to a pretax loss of $98.8 million in 2022 from a profit of $50.0 million in 2021. This is despite revenue increasing by 37% to $134.6 million from $98.2 million, as cost of sales almost double to $112.1 million from $58.9 million. Says second half was stronger than the ‘challenging’ first half. ‘We underwent a group-wide, title-by-title assessment of commercial viability, carrying value and future prospects. We cancelled some titles, restructured Good Shepherd, and made impairments to IP and Goodwill, reflecting the current lower sector valuations compared to the highs of 2021,’ says Executive Chair Harry Miller. As a result, Devolver said it expects to grow in 2024 and 2025, after ‘complet[ing] this reset’.

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Zephyr Energy PLC (ZPHR)

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Devolver Digital, Inc. (DEVO)

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Block Energy PLC (BLOE)

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