The Trendlines Group will not continue with its proposed dual primary listing and securities offer on the Tel Aviv Stock Exchange (TASE) in Israel.
This is due to several factors including the current general economic and capital market conditions, which “are not favourable to the company”.
“The company strives to always make the best decision for all stakeholders, taking into account multiple factors and demonstrating flexibility when necessary,” reads the statement put out by The Trendlines Group on SGX on July 22.
See also: Trendlines gets non-binding letter of intent for the acquisition of a portfolio company
The company says that the acquisition of its portfolio company by a public corporation, as announced previously on April 29, still remains ongoing.
The company and the public corporation are still in the midst of negotiations.
The proposed listing on TASE was announced on April 5, after the company applied to the Israeli Securities Authority (ISA) to publish a prospectus on TASE on March 31.
Shares in TASE closed 0.1 cent higher or 0.9% up at 11 cents on July 22.
