Polarean Imaging (POLX ) plans to cancel the admission of its ordinary shares to trading on AIM and re-register as a private limited company. The cancellation is expected to take effect at 7:00 a.m. on 23 December 2025, subject to shareholder approval, alongside the adoption of new articles of association.
Polarean, which is focused on functional lung imaging using hyperpolarised Xenon MRI, expects its current cash resources to fund operations through the second quarter of 2026, but it needs to raise additional capital from strategic or financial investors to execute its business plan and reach profitability. Polarean has previously indicated it requires around $20 million of extra funding, and the Board believes becoming a private company could make it easier to secure that capital on more favourable terms.
In addition, the Board argues that the costs and management time associated with maintaining an AIM listing are significant. Cancelling the listing would remove ongoing market and compliance expenses, allowing more resources and management focus to be redirected towards core commercial and clinical priorities.
The directors also consider the company to be undervalued on public markets, with the current share price not reflecting Polarean’s technology or long-term prospects. On this basis, raising the required capital while remaining listed could be highly dilutive for existing shareholders, whereas a private structure may support capital raising at higher valuations.
The proposals are being brought forward against a challenging backdrop for small-cap MedTech companies on the UK public markets, which remain characterised by limited liquidity, subdued trading activity and persistent discounts to perceived intrinsic value. The Board believes that, taken together, these factors mean the proposed delisting and re-registration are in the best interests of the company and its shareholders as a whole.
View from Vox
Polarean is the latest small-cap MedTech business to conclude that life on the public markets is doing more harm than good to its long-term funding prospects. The company still needs meaningful fresh capital to execute its strategy, and in a tough UK market, a move to private ownership may offer better valuations, more flexible deal structures and fewer distractions for management as it pushes towards commercial scale and profitability.