The decision came after discussions with its major shareholders and potential institutional investors in relation to securing capital to fund the future working capital requirements of the group.

The board concluded that the cancellation of trading in the company’s ordinary shares on AIM and subsequent re-registration as a private limited company will provide greater opportunities to raise additional capital. This view has been supported to date by major shareholders.

The delisting is pending shareholder approval and is still uncertain. Afurther announcement will be made in due course regarding when a decision will be made.

Deepmatter’s management anticipate the company will seek to raise c.£1 million from its major shareholders ahead of the delisting, following which a more substantial capital raise would be pursued as a private limited company in 2023. This capital raise is being undertaken in order to fund the long term growth ambitions of the company.

The firm continues to expect revenue for the current financial year to be no less than £1.5m and the Group has cash and short term receivables of £0.7m.