(Alliance News) - Valereum PLC announced on Monday that its potential reverse takeover of the Gibraltar Stock Exchange will no longer proceed, and as such its shares have been restored to trading.

The Gibraltar-based company, which links mainstream currency products denominated in US dollars and pound sterling into cryptocurrencies, said it had been unable to secure the necessary funding to satisfy changes that the Gibraltar Financial Services Commission had set to the deal's control conditions.

Valereum said that as a result, its shares are no longer suspended on the Aquis Stock Exchange in London, and returned to trading there early on Monday.

Later on Monday morning, shares in Valereum were down 16% at 3.20 pence each.

Valereum also announced its intention to call an annual general meeting, in part to introduce its new board as well as to "share and seek shareholder approval on the new vision and strategy".

"The board is actively assessing original and new opportunities which will form part of the reformulated vision and strategy for Valereum," the company commented.

Valereum added that it intends to cancel all previous warrants issued, and to conduct a comprehensive internal audit of the previous board's accounting records "as a matter of urgency".

Valereum's board has recently undergone a turbulent few months, with then-Chair Richard Poulden resigning in late October along with Finance Director Jack Sun and other team members. Chief Executive Officer Patrick Young stepped down on October 24, only to be promptly re-hired three days later.

"As we reflect on a year marked by turbulence and challenges, we remain steadfast in our commitment to chart a course toward a promising future," commented current Chair James Formolli. "Despite the hurdles, we are excited about the opportunities ahead and are planning to move forward with resilience and optimism.

"It's been a tough and eventful four weeks for the team, but I'm immensely proud of how everyone has stepped up. Heading into Q1, I look forward to a future marked by growth, innovation, and sustained success."

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.