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(Sharecast News) - Inspirit Energy confirmed in an update on Wednesday that trading in its shares on AIM had been suspended, after iit failed to complete a qualifying acquisition within the six-month deadline set out under AIM rule 15.
The company said the suspension, which took effect at 0730 BST, followed its transition to an AIM rule 15 cash shell in October.
At the time, the board announced it would conserve cash and seek new opportunities following a strategic review, with the aim of delivering value from its existing intellectual property where possible.
Under the AIM rules, a cash shell is required to complete a reverse takeover within six months or face suspension.
Inspirit said it had been in discussions with a number of potential partners, and would continue to evaluate opportunities that could benefit shareholders.
It said it would provide further updates in due course.
Reporting by Josh White for Sharecast.com.
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