In a twist that rattled London’s financial market, Pineapple Power Corp. PLC announced Thursday it has terminated its proposed acquisition of Australian mining company Buffalo Battery Metals, ending months of negotiations that once promised a gateway into the booming electric vehicle supply chain.
The London-listed special purpose acquisition company (SPAC) said both sides mutually agreed to scrap the $deal, despite what the firm described as “significant effort by both parties” to close the transaction.
Trading Suspension to Be Lifted
Pineapple Power, whose shares have been suspended from trading for over eight months, has asked Britain’s financial regulator to lift the freeze, allowing it to resume trading on the London Stock Exchange’s main market.
Clive de Larrabeiti, the firm’s corporate finance adviser, called the collapsed deal “regretful,” but struck an optimistic tone, noting that Pineapple remains “one of very few available cash shells” still listed on the LSE—making it an attractive route for companies eager to tap international financial markets.
