We advised AIM-listed Tiger Alpha PLC on its acquisition of Potentially Limited, a Cypriot company. The transaction resulted in the creation of Potentially AI PLC, a business focused on broadening access to open-source and frontier artificial intelligence models.
The transaction was structured as a reverse takeover for Tiger Alpha PLC under the AIM Rules. It also included the re-admission of the enlarged group to AIM, a waiver under Rule 9 of the Takeover Code and a £4.9 million fundraising by way of a placing, subscription and retail offer.
The deal marks a significant milestone in the UK's fast-evolving AI sector, providing Potentially AI PLC with capital to support its growth strategy, develop its technology and further enhance its platform.
The Fladgate team was led by David Robinson, supported by Kieran Sims, Natasha Lipschitz and Fleur Barzilai in Corporate, Ben Milloy and Rashael Kelly-Jarvis in Commercial, Technology and IP, and James McClonkey in Employment.
David Robinson, Partner commented:
"We are delighted to have supported Tiger Alpha on this transformative transaction. The deal combined a number of complex regulatory and capital markets elements, culminating in the successful creation of Potentially AI PLC. We look forward to following the company's progress as it seeks to broaden access to frontier AI technologies."
Oliver Yonchev, COO and Co-Founder of Potentially AI PLC commented:
"We set an ambitious timeline for this transaction, and Fladgate matched it every step of the way. David and the team were responsive at every hour, transparent about every challenge, and never once let momentum slip. Potentially AI PLC exists today in no small part because of the support of Fladgate. I would recommend them without hesitation”
