Analysis of Tissue Regenix's Delisting from AIM: Secondary Trading Arrangements via Asset Match

Based on the detailed information I have collected, below is a comprehensive analysis of Tissue Regenix’s establishment of a secondary trading market via Asset Match following its delisting from AIM.

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Tissue Regenix Group plc is a company focused on regenerative medical devices. Its ordinary shares were officially delisted from the London Alternative Investment Market (AIM) at 7:00 am on January 7, 2026, and re-registered as a private limited company [1]. The delisting decision stems from a combination of multiple factors:

: The company experienced revenue restatement issues in FY2024, leading to a sharp decline in its share price. The board determined that maintaining its AIM listing status no longer created optimal value for the company’s shareholders [2]. On October 22, 2025, the company announced the suspension of trading in its ordinary shares on AIM to allow the new senior leadership team to complete a detailed review of the FY2024 revenue restatement, and assess the impact of H1 2025 adjusted EBITDA and the company’s cash position [3].

: After careful evaluation, the board concluded that the regulatory compliance and financial reporting costs required to maintain AIM listing status exceeded the potential benefits, which was another key consideration for delisting [2].

: As part of the delisting process, the company secured £17.5 million in guaranteed convertible loan note financing from Harwood Private Equity VI L.P., which provided funding support for the company’s privatization and signaled private capital’s commitment to the company’s long-term development [3].

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Asset Match is an electronic over-the-counter platform authorized and regulated by the UK Financial Conduct Authority (FCA) (FRN 579310), dedicated to providing share trading services for UK private companies [4]. Since its launch in 2011, the platform has completed over 200 share auctions for private companies, facilitating the circulation of approximately £30 million in locked-up equity [5]. Tissue Regenix is the 45th company traded on the Asset Match platform.

Asset Match adopts a

, with the following core features:

: The platform transparently displays order volumes at different price levels and auction deadlines, allowing shareholders to submit or withdraw orders at any time before the auction closes [1]. This mechanism ensures fairness and competitiveness in the price discovery process.

: Transaction prices are determined by market supply and demand forces. The platform does not intervene in pricing subjectively; instead, it determines the equilibrium price and completes trade allocation based on order matching between buyers and sellers [1].

: Shareholders must conduct transactions through stockbrokers registered on the Asset Match platform. Shareholders interested in participating in transactions should contact Asset Match to obtain the full list of partner brokers (email: dealing@assetmatch.com) [1].

Time Node	Event
October 22, 2025	Suspended AIM trading
December 22, 2025	General meeting approved delisting
7:00 am, January 7, 2026	AIM trading admission officially revoked, Asset Match platform page launched
Minimum 12 months	Platform commits to providing at least one year of periodic auction services

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After delisting, Tissue Regenix shares held by shareholders will transition from highly liquid listed stocks to less liquid private company shares, facing the following challenges:

: Shifting from continuous trading on AIM to periodic auctions on Asset Match (usually quarterly or annual), shareholders cannot liquidate their holdings at any time [1].

: The trading audience for private company shares is limited to sophisticated institutional investors and high-net-worth individuals, resulting in a significantly narrowed pool of potential buyers [4].

: The auction-driven price formation mechanism may not reflect changes in the company’s fundamentals as quickly as public markets, creating risks of information asymmetry [1].

: Shareholders must conduct transactions through specific brokers registered on Asset Match, increasing transaction complexity and potential costs [1].

Although liquidity is lower than public markets, the Asset Match platform still offers the following liquidity support for shareholders:

: The platform commits to providing at least one year of periodic auction services, allowing shareholders to buy or sell shares during auction windows [1]. According to public data, the Asset Match platform has successfully completed over 200 auctions in the past five years [5].

: The open auction system ensures all market participants can observe the order book in real-time, improving the transparency of price formation [4].

: The platform’s algorithmic order matching system can match buyers and sellers, improving transaction efficiency [4].

: Shareholders can continue to hold shares in dematerialized form (via the CREST system) without the need for cumbersome certificate conversion [1].

Shareholders should note the following before participating in Asset Match transactions:

• Consult your existing broker to see if they are willing or able to trade unlisted shares [1]
• Register at www.assetmatch.com and add Tissue Regenix to your watchlist to receive auction information [1]
• Continue to monitor the company’s official website www.tissueregenix.com for the latest updates [1]
• Understand that the Takeover Code continues to apply to the company after delisting [1]

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Privatization and delisting provide Tissue Regenix with greater strategic space:

: Exempt from quarterly performance disclosure, analyst expectation management, and short-term share price fluctuations, enabling management to focus on long-term strategic execution [3]. Jay LeCoque, the company’s new Executive Chairman, stated that delisting will ensure the company “is on the right path” [1].

: Saves costs related to audit, legal, and investor relations required to maintain AIM listing status, allowing resources to be reallocated to core business development [2].

: After privatization, the company can conduct M&A negotiations and strategic integration more flexibly without worrying about immediate reactions from the public market [6].

Tissue Regenix is advancing the following growth strategy (4S Strategy):

Strategic Pillar	Connotation
Supply	Invest in tissue supply capabilities to ensure sufficient raw materials support business growth [6]
Sales Revenue	Focus on revenue growth to achieve operating leverage and profitability [6]
Sustainability	Manage sales revenue and expenditures to become a profitable entity that can operate without external capital [6]
Scale	Expand business scale through organic growth and strategic acquisitions [6]

The company operates a 13,650 square-foot production facility in San Antonio, Texas, USA, using the BioRinse® and dCELL® technology platforms to produce regenerative medical products, including the DermaPure® allograft [7]. CellRight Technologies, which recently received funding support from Harwood Private Equity, has also secured private capital to support its commercial growth plans [7].

The management team led by Jay LeCoque, the company’s new CEO and Chairman, is focused on:

• Restoring revenue growth and profitability
• Implementing new commercial plans to expand direct sales and distribution networks
• Obtaining additional clinical data to strengthen product advantage claims [7]

Despite positive prospects, shareholders should pay attention to the following risks:

: After privatization, the company will face more restrictions if it needs large-scale financing, potentially relying on private capital or bank loans [3].

: Without public market pricing, shareholders may find it difficult to assess the value of their holdings in real-time [1].

: The Takeover Code continues to apply after delisting, indicating that the company may still be subject to takeover offers [1]

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The secondary trading arrangements established by Tissue Regenix through Asset Match represent a typical path for privatization of small UK listed companies. While providing limited liquidity support, this arrangement allows the company to:

: Gain partial liquidity (though far lower than public markets), but also accept lower trading frequency and higher information asymmetry risks. Shareholders should actively utilize the periodic auction opportunities provided by Asset Match and continue to track changes in the company’s fundamentals.

: Gain strategic flexibility, reduce compliance costs, and secure long-term capital commitment from Harwood Private Equity. This will support the company in executing its 4S growth strategy, focusing on the commercial expansion of regenerative medical technologies.

From a broader industry perspective, the Tissue Regenix case reflects typical challenges faced by small and medium-sized companies in the UK medical technology sector: rising financing costs in public markets, conflicts between short-term performance pressures and long-term R&D investment, and the key role of private capital in supporting industry consolidation. With the development of new trading frameworks such as PISCES (Private Intermittent Securities and Capital Exchange System), the trading liquidity and transparency of private company shares are expected to further improve [4].

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[1] Investegate - “Secondary Trading Following Cancellation” (https://www.investegate.co.uk/announcement/rns/tissue-regenix-group--trx/secondary-trading-following-cancellation/9337657)

[2] Tissue Regenix - “Project Cactus Circular” (https://www.tissueregenix.com/media/lhtlmam2/project-cactus-circular-web.pdf)

[3] Research Tree - “Tissue Regenix Group - Proposed £17.5m CLN raise, cancellation of trading” (https://www.research-tree.com/newsfeed/article/tissue-regenix-group-proposed-17-5m-cln-raise-cancellation-of-trading-3093894)

[4] Asset Match - “PISCES Private Intermittent Securities and Capital Exchange System” (https://assetmatch.com/pisces)

[5] Asset Match - “How does Asset Match unlock shareholder equity” (https://www.assetmatch.com/media/34796/Asset_Match_Infographic.pdf)

[6] Tissue Regenix - “Annual Report and Financials 2024” (https://www.tissueregenix.com/media/h3omqs0t/267801-tissue-regenix-web.pdf)

[7] Morningstar - “CellRight Tech: Private Equity Funding Secured” (https://www.morningstar.com/news/accesswire/1124849msn/cellright-tech-private-equity-funding-secured)