ix Net Zero investee SLI terminates proposed combination

Investing company ix Net Zero announced on Wednesday that its portfolio company, Sustainable Living Innovations (SLI), has opted not to move forward with the initially planned business combination with Churchill Capital Corp V, as announced on 10 March.

The AIM-traded firm said the decision came in the form of a termination of the non-binding letter of intent between the two entities.

Back in March, the anticipated amalgamation was earmarked as a prospective partnership to bolster SLI's initiatives in tackling issues related to sustainable housing affordability.

“SLI will pursue alternative options that can support its plans to address sustainable housing affordability,” ix Net Zero said in its announcement.

Looking at its investment, ix Net Zero holds an indirect 0.1% interest in SLI through MultiGreen SLI Partners and a $0.15m unsecured convertible promissory note.

As of 30 June, it carried its investment in SLI at a net asset value of $0.77m, which, when amalgamated with the promissory note, represented 0.6% of its net asset value.

At 0803 BST, shares in ix Net Zero were down 6.98% at 20p.

Reporting by Josh White for Sharecast.com.