- Your AI claims that the 75% exemption applies to NWBO today. However, a company wishing to use this MUST have an existing active listing to use the 75% secondary rule. NWBO does not! Read section PRM 1.4.3 of the FCA Handbook here, that went live today. This section is the Prospectus Requirement> Exemption:
"Transferable securities fungible with transferable securities already admitted to trading on the same regulated market are exempt from the requirement to publish a prospectus, provided they represent... less than 75% of the number of those transferable securities already admitted to trading."
Let me spell this out for your AI friend: i) "Already admitted to trading" - NWBO is not on the market so it is not "already admitted" ii) "same regulated market" - NWBO is not on the "same regulated market", it is on the OTC iii) "75% of the number of those transferable securities already admitted to trading" - Last I checked 75% of zero is... 0
- If NWBO used a new company like Revimmune then as a new company there would STILL need to be a prospectus. There is not!
- Your AI claims that Notice N01/26 demolished the requirement for a process and gave NWBO a switch instead. However, the notice, which can be read by anyone and everyone here explicitly says in paragraph 5 there are no changes to admission requirements: "We would also like to take this opportunity to clarify that although the FCA will, from the 19th January 2026, admit securities as a class to the Official List, there will be no changes to the requirements in the Standards applying for admission to trading of securities."
- Your AI claims that confidentiality is allowed until 48hrs prior to effectiveness. So given you have stated we are going to see this happen today by now we would know as this would already need to be in the public domain. Besides, the stated time is incorrect. While the new POATR and PRM rules do reduce the time, a prospectus must be public before the offer closes from 6 working days to 3 working days, plus a 10-day LSE notification period. Therefore, a prospectus would have needed to be public and filed with the FCA by Wednesday of last week for this news to come out today.
- Finally, Gun-jumping refers to the illegal promotion of a new stock issue before a prospectus is filed. Disclosing a corporate strategy in a Proxy is not only legal, it is often required.
To boot, for a listing to become tradable today, an RNS announcement would have been required by 7:00 AM London time. Nada!
If you would like to see what an actual Prospectus looks like then here is a good example of one that was released on the 16th January, which will begin trading on LSE main market on 3rd February.
You should probably reevaluate which AI you are using as it's crap!
Market Data 
Markets 
AI
