LONDON: Iconic Labs, a prominent player in the corporate arena, announced a temporary suspension of its share trading on the London Stock Exchange. The Financial Conduct Authority (FCA) mandated the halt, coinciding with Iconic’s ongoing negotiations for a significant acquisition.

The company’s board expressed its enthusiasm as it entered preliminary, non-binding agreements with ITS Holdings 2023 Ltd, the parent company of In the Style Fashion Ltd, an esteemed online fashion retailer. This preliminary agreement marks the first step towards potentially acquiring ITS Holdings 2023 Ltd’s entire issued share capital.

Should the acquisition proceed, it would be classified as a reverse takeover according to the Listing Rules. However, due to the current inability to provide comprehensive disclosure under Listing Rule 5.6, the trading suspension will remain effective until either a detailed prospectus is released or the acquisition discussions are formally concluded.

At this juncture, no definitive agreement has been forged, leaving the transaction’s completion and timeline uncertain. The directors of Iconic have refrained from setting expectations regarding the finalization of the deal.

Brad Taylor, the CEO of Iconic Labs, shared his optimism: “The initiation of terms with ITS Holdings 2023 Ltd represents a carefully deliberated decision by our board. We are confident that this acquisition aligns with our strategic goals, promising sustained growth and shareholder value.”

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