Location Sciences Group PLC (LSE:LSAI, OTC:PXAMF) (LS) jumped 30% as it published details of its reverse takeover (RTO) by e-commerce tracking software specialist Sorted.
The business will be called Sorted Group Holdings going forward with a new management team comprising Carmen Carey as chief executive and Mahmoud Warriah as CFO alongside Petar Cvetkovic as a non-executive director.
LS shares are being consolidated on a 625 into 1 basis with a £2 million fundraising to follow the RTO at 87.5p a share.
Sorted specialises in software for e-commerce delivery services for smaller, independent start-ups through to large, global enterprises such as Marks & Spencer, ASOS and Asda, all of which are customers.
After a major reorganisation in 2021, Sorted implemented an automation programme and re-focused the business on shipping, tracking and returns.
For the financial year ended 30 September 2023, Sorted's total unaudited revenue was approximately £6.5 million.
Location Sciences shares rose 0.04p to 0.18p.