MicroSalt float on AIM
February 2024
MicroSalt has developed a patent protected and scalable manufacturing process that produces a salt crystal that is approximately 100 times smaller than traditional salt, with an average size of less than 20 microns. Due to its micron sized particles, the Company has improved adhesion to food (compared with traditional salt crystals) and dissolves much faster on the tongue, thereby delivering the same sense of saltiness as traditional snacks but using approximately half the amount of sodium.
The Company was founded in 2016 by Dr Clifford Gross and the Tekcapital group following the acquisition of the low-sodium salt composition patent from two pre-eminent food scientists who were the initial developers of the technology. Operations commenced in 2018 and have been predominantly funded by the Tekcapital group through convertible loan notes.
Demand for reduced sodium and ‘clean’ product labels across both B2B and B2C channels has increased significantly dueto enhanced governmental and societal pressure for healthier products. As a result, the Company’s primary strategy is to partner with brands seeking to reduce the sodium content in their foods, for both existing and new product lines. Recent commercial progress spans multiple FMCGs and national retailers in the US as part of its B2B focused strategy, whilst its products are already sold in over 1,000 stores across premium and/or health focused retailers across the US. This is complemented by a DTC presence on the world’s largest e-commerce platform.
Admission to Trading on AIM
On 1st February 2024, admission and dealings on AIM commenced by way of a Placing of 2,158,147 Placing Shares at £0.43 per New Share and Subscription of 5,155,829 Subscription Shares at £0.43 per New Share realising gross proceeds of £3.15 million.
The Perivan shareholder communications team was delighted to work with Zeus Capital who was appointed as Nominated Adviser and Broker on the successful production and publication of the 122-page admission document.
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Perivan is the market leader for IPO admission document production and specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
