LONDON: FastForward Innovations Ltd has invested approximately £17,215 as part of a he/avily oversubscribed £13 million placing at a price of 5 pence undertaken by Cellular Goods Plc.
Cellular Goods commenced trading on the London Stock Exchange on 26 February 2021 (LSE: CBX).
Cellular Goods is a UK-based provider of premium consumer products based on biosynthetic cannabinoids with an initial focus is on two product verticals: premium skincare and topical athletic recovery products to be launched from this autumn.
It has partnered with four leading biosynthetic cannabinoid producers in the United States who have experience and expertise in the manufacture of these compounds through a fermentation based process to secure a consistent supply of legally-compliant raw materials.
The production of biosynthetic cannabinoids does not involve the cultivation or processing of the cannabis sativa plant.
Ed McDermott, CEO of FastForward, commented: “We are pleased to see another CBD wellness company IPO here in London. Once again the allocations were disappointing due to a significantly oversubscribed book. However, we are very excited that the London Stock Exchange is fast becoming a destination for both medical cannabis and over the counter cannabinoid wellness companies.”
Cellular Goods has raised a total of £13 million by way of a placing of 260,000,000 placing and subscription shares (‘New Shares’) at a price of 5 pence (‘Issue Price’) per New Share.
The placing was 13 times oversubscribed. The funds raised through the placing will be used for Cellular Goods’ expansion and long-term growth.
FFWD has a holding of 344,277 ordinary shares in Cellular Goods representing 0.07 per cent of the issued share capital of Cellular Goods.
The market capitalisation of Cellular Goods on Admission at the Issue Price was approximately £25 million and closed on its first day of trading at approximately 19 pence, four times the Issue Price.