File Forge Technology to acquire Amirose London in reverse takeover

LONDON: File Forge Technology PLC (AQSE: FILE), a provider of Filecoin staking nodes, revealed plans to acquire Amirose London Ltd, a contract manufacturing services business specializing in personal care products. The company signed non-binding Heads of Terms to acquire Amirose’s entire issued share capital from Epoque Services Incorporated Limited. The proposed deal, valued at £5.01 million, will be paid in ordinary shares.

Due to the scale of the transaction, the acquisition qualifies as a reverse takeover under the AQSE Growth Market Access Rule Book. Consequently, File Forge shares have been suspended from trading pending the release of an admission document or confirmation that the acquisition will not proceed.

Strategic Shift and Acquisition Details

Since its listing on the AQSE Growth Market in 2021, File Forge has embraced evolving investment strategies, initially focusing on biotech and life sciences, before pivoting in 2024 to capitalise on Filecoin and decentralised storage technology. The acquisition of Amirose represents another strategic shift as File Forge diversifies into contract manufacturing. Amirose’s established operations, high-margin business model, and ongoing growth through new contracts are cited as appealing factors.

Amirose, headquartered in Thetford, Norfolk, offers formulation development, packaging sourcing, manufacturing, filling, and distribution for over 200 brands worldwide. With 86 employees, the company aims to optimize production capacity and drive future growth through organic initiatives and acquisitions.

Upon completion of the acquisition, File Forge plans to rebrand as Amirose London Holdings PLC. Amirose posted an unaudited turnover of £12.7 million and profits of £38,800 for the year ending 2024.

Fundraising and Next Steps

A fundraising initiative is currently underway to raise £500,000 from high-net-worth individuals, providing additional working capital for Amirose’s operations. The acquisition’s completion is subject to shareholder approval, a waiver of a whitewash resolution, and re-admission to trading on the Aquis Stock Exchange.

File Forge views this move as a lower-risk opportunity compared to its previous speculative investments, aiming for higher returns in the personal care manufacturing sector.