Ashington Innovation PLC entered a non-binding heads of terms agreement to acquire Calon Cardio-Technology Limited for £39 million on August 23, 2023. The purchase price consists of £39 million, to be satisfied by the allotment and issue of new ordinary shares in Ashington Innovation PLC to the shareholders of Calon. On completion of the Proposed Acquisition, it is Ashington's intention to seek admission of its enlarged ordinary share capital and related financing, to the Standard Segment of the Official List of the Financial Conduct Authority ("FCA") and to trading on the Main Market of the London Stock Exchange.

The Proposed Acquisition is subject to the completion of due diligence; definitive sale and purchase documentation; obtaining the necessary regulatory approvals from the FCA; the raising of an appropriate amount of new equity funds by the Company; the Takeover Panel waiving any obligation the Calon shareholders might otherwise incur under Rule 9 of the City Code by virtue the issue to them of consideration shares and the passing of necessary resolutions to approve the Proposed Acquisition by the shareholders of the Company at a duly convened general meeting. The acquisition is also subject to the completion of the proposed reverse takeover of Cell Therapy Limited ("CTL") announced on 19th August 2023, where Ashington announced it had signed a non-binding heads of terms agreement to acquire Cell Therapy Limited, trading as Celixir, in a reverse takeover transaction. As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will complete.