Alteration Earth Completes Reverse Takeover by Pri0r1ty AI
Deal News | Jan 16, 2025 | Keystone Law
In a significant strategic maneuver, Alteration Earth PLC (ALTE), originally established as a special purpose acquisition company (SPAC), successfully completed a reverse takeover of Pri0r1ty AI Ltd (Pri0r1ty), a London-based SaaS firm. This transaction entailed ALTE's shares transitioning from the main market of the London Stock Exchange to AIM, the latter being a sub-market designed primarily for smaller companies. Pri0r1ty, renowned for providing AI tools tailored to SMEs, now leads as Pri0r1ty Intelligence Group PLC, having raised £0.85 million through direct subscription and placement with investors. Keystone Law, known for their expertise in capital markets, played a crucial advisory role in both this transaction and ALTE's original IPO in 2022. Together, the integration of ALTE and Pri0r1ty ushers in enhanced AI solutions aimed at optimizing SME operations.
Sectors
- Legal Services
- Financial Services
- Technology
Geography
- United Kingdom – The transaction involved UK-based companies and legal practices, with AIM on the London Stock Exchange.
Industry
- Legal Services – Keystone Law provided legal advisory services in the reverse takeover and AIM admission.
- Financial Services – Alteration Earth PLC was involved in a capital market transaction, transitioning shares to AIM.
- Technology – Pri0r1ty AI operates in the technology sector, delivering AI-powered tools for SMEs.
Financials
- 0.85 million – Capital raised through direct subscription and placing with institutional and other investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alteration Earth PLC | Target Company | Company | A special purpose acquisition company engaged in the reverse takeover. |
| Pri0r1ty AI Ltd | Bidding Company | Company | A London-based SaaS company providing AI tools for SMEs. |
| Keystone Law | Legal Advisor | Company | Provided legal advisory services during the reverse takeover and AIM admission. |
| Simon Holden | Corporate Partner | Person | Lead the Keystone Law team advising Alteration Earth. |
| Matthew Beardmore | Chairman | Person | Chairman of Pri0r1ty Intelligence Group PLC. |