Atome Energy Shares Rise in Stock-Market Debut - MarketWatch
By Ian Walker
Shares of Atome Energy PLC rose 9.4% on Thursday as it started trading on the London Stock Exchange's junior AIM, implying a market capitalization of 28.4 million pounds ($38.3 million).
The producer of green hydrogen and ammonia, which has been spun out from President Energy PLC, has raised GBP6 million as part of its initial public offering, which will be put toward the company's development.
A further GBP3 million can be raised if the directors decide it is needed via a standby equity facility from the investment fund of Peter Levine, the chairman and a significant shareholder in the company.
"With the funding secured, Atome is in a position to rapidly progress its projects in Iceland and Paraguay towards final investment decision in both countries," Chief Executive Oliver Mussat said.
Shares at 0819 GMT were up 7.50 pence at 87.50 pence.
President Energy has a 27.9% shareholding in the company.
Write to Ian Walker at [email protected]