Cannabis pharmaceuticals and health device manufacturer Cilo Cybin says it has missed the set timeframe required to list as a special purpose acquisition company on the JSE.
Although the company had 1 892 public participants in its initial public offering (IPO) that opened on September 9 and closed on November 4, and despite them having subscribed for an aggregate R20.5-million, it did not meet the JSE’s minimum capital requirement for a listing within a set timeframe.
The company has decided to focus on its growth initiatives in the meantime, especially since new developments and opportunities are looming, before pursuing a listing again in future.
The listing was meant to help the company’s efforts in upscaling its manufacturing side of the business, as well as to get European Union accreditation.
Cilo Cybin confirms it will contact the public investors respectively to provide their refund details.