The Ceres Power Holdings plc (LON: CWR) share price has fallen 5.74% in the past week ahead of the company’s listing on the London Stock Exchange’s main market. The company announced the proposed listing on the premium listing segment of the FCA’s Official List.
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The company has been listed on the LSE’s AIM since 2004 and has been a public company for the past 20 years due to its AIM listing. However, the time has come for the global fuel cell and electrochemical technology leader to upgrade to the LSE’s main market for listed securities.
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Ceres Power announced the proposed transition on 01 June 2023, which is expected to happen after the day’s trading activities conclude. The company’s shares will be trading on the main market by the time the markets open tomorrow.
Still, the company’s shares have not performed well and are down 2.24% for the month as investors remain concerned about the pending Chinese deal with Weichai and Bosch, which has been delayed by regulators but has not been scrapped.
Ceres Power still expects China to become its largest market over time, so the agreement with Weichai and Bosch is critical since it will give the company a solid foothold. Investors have no option but to continue waiting for an update on the regulatory proceedings in China.
During its announcement at the beginning of the month, Ceres Power noted that its admission to the FCA’s premium listing segment and the LSE’s main market depended on the FCA’s approval of its prospectus and the LSE’s admission of its shares, which will happen tomorrow.
Ceres Power shares are attractive at current prices, given that they have fallen significantly from their all-time highs of £16 in January 2021 to their current lows of £0.306. The chances of the shares rallying higher are increasing by the day, especially if the Weichai deal is approved.
Meanwhile, tomorrow marks a crucial milestone for the company as it starts trading on the LSE’s main market and leaves the AIM market after 20 years.
*This is not investment advice.
Ceres Power (CWR) share price.
The Ceres Power share price was trading down 5.74% in the last week ahead of the main market listing.
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