Tel Aviv-based artificial intelligence marketing system developer Albert Technologies Ltd. intends to delist from the London Stock Exchange’s AIM market for smaller companies, the company announced in a filing Tuesday
The delisting is scheduled for August 27, pending the approval of shareholders.
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Founded in 2010, Albert develops a system for managing online advertising campaigns using AI algorithms. The company listed in London in 2015 and at its peak traded at a market capitalization of about $120 million. In the past year, its stock has seen significant drops and as of market close Tuesday, it traded at a market cap of GBP 2.3 million (approximately $2.8 million).
Albert intends to seek additional funds from strategic private investors “with knowledge of the company's core markets,” who can help expand its revenue growth, CEO Or Shani said in a statement. “These types of investors are unlikely to be forthcoming while the company remains admitted to trading on AIM,” he added.
For 2018, Albert reported revenue of $4.61 million and an operating loss of $12.38 million. The company employs 120 people and counts Heineken, Vodafone, and Pepsico among its clients.