OTAQ plc

("OTAQ", the "Company" or the "Group")

Admission to trading on the Access Segment of the AQSE Growth Market

and

Delisting from the Standard Segment of the Official List

OTAQ, the innovative technology company targeting the aquaculture, geotracking and offshore markets, is pleased to announce, that admission of its ordinary shares of 1 penny each ("Ordinary Shares") to trading on the Access Segment of the AQSE Growth Market of the Aquis Stock Exchange ("Admission") will take place and dealings will commence at 8.00 a.m. today, under the TIDM: OTAQ and ISIN Number: GB00BK6JQ137.

Further, the listing of the Company’s Ordinary Shares on the standard segment of the Official List and their trading on the main market for listed securities of the London Stock Exchange is cancelled with effect from 8.00 a.m. today.

Pursuant to the Fundraising and Further Placing (as announced on 4 November 2022), the Company has raised gross proceeds of £3.60 million (approximately £3.20 million, net of expenses). The net proceeds of the Fundraising and Further Placing will provide the Company with sufficient working capital for at least the next 12 months and will principally be used to strengthen the balance sheet and support the Group through its planned next stage of growth, further developing its portfolio of innovative technologies targeting the global aquaculture, geotracking and offshore markets. The much strengthened balance sheet will also support the Group’s strategy of pursuing organic and acquisitive growth opportunities that will underpin further revenue growth as it progresses towards profitability.

Under the Fundraising and Further Placing, 22,499,978 Warrants have been granted, each of which entitles the holder to subscribe for one Ordinary Share and is exercisable at a price of 12 pence per Ordinary Share up to the second anniversary from the date of Admission.

Board Appointments

As previously announced, Harald Rotsch and Giles Clifford will join the Board as Chief Technology Officer and a Non-Executive Director, respectively, with immediate effect.

Directors’ shareholding  

*Philip Newby’s beneficial holding includes 349,606 Ordinary Shares held by his wife, Diane Newby

Total Voting Rights

On Admission, and following completion of the Capital Reorganisation, the Company will have 127,758,052 Ordinary Shares in issue, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 127,758,052.

This figure of 127,758,052 may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Dowgate Capital Limited is acting as the AQSE Corporate Adviser and Broker to the Company.

This announcement, together with any documents incorporated by reference, shall be deemed to constitute an admission document for the purposes of the AQSE Growth Market Rules for Issuers – Access. It has not been approved or reviewed by the Aquis Stock Exchange or the Financial Conduct Authority.

Capitalised terms not otherwise defined in the text of this announcement are defined in the Circular dated 12 October 2022 which is available for inspection, along with any other relevant documents, on the Company’s website,

Enquiries

About OTAQ

OTAQ is a highly innovative technology company targeting the aquaculture, geotracking and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.

OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.

The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.

OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.