Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul>
<li>Abingdon Health 8.25p £20.71m (ABDX.L) The developer, manufacturer and regulatory services provider for rapid diagnostic tests and medtech reports H1 to December 2025.</li>
<li>Reported revenue is 37% higher at £4.2m, with an EBITDA loss of £1.7m compared to an EBITDA loss of £1.9m due to continued investment in the overhead base to support future growth and contract execution.</li>
<li>The net cash is £3.7m against £1.9m last year and after a fund raising in October 2025 of £3.2m to accelerate US expansion and support execution of major contracts. </li>
</ul>


Abingdon Health 8.25p £20.71m (ABDX.L) The developer, manufacturer and regulatory services provider for rapid diagnostic tests and medtech reports H1 to December 2025.
Reported revenue is 37% higher at £4.2m, with an EBITDA loss of £1.7m compared to an EBITDA loss of £1.9m due to continued investment in the overhead base to support future growth and contract execution.
The net cash is £3.7m against £1.9m last year and after a fund raising in October 2025 of £3.2m to accelerate US expansion and support execution of major contracts. 


<ul>
<li>The Africa-focused lithium exploration and development Company targeting the delivery of Ghana’s first lithium mine updates on the Mining Lease Ewoyaa Lithium Project.</li>
<li>The Mining Lease has been submitted to the Parliament of Ghana to be considered, as per due process for ratification.</li>
<li>The mining lease provides exclusive rights to carry out mining and commercial production activities at Ewoyaa for an initial 15-year period.</li>
</ul>


The Africa-focused lithium exploration and development Company targeting the delivery of Ghana’s first lithium mine updates on the Mining Lease Ewoyaa Lithium Project.
The Mining Lease has been submitted to the Parliament of Ghana to be considered, as per due process for ratification.
The mining lease provides exclusive rights to carry out mining and commercial production activities at Ewoyaa for an initial 15-year period.


Hybridan Small Cap Feast: 12 November 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atlantic-lithium-ltd" target="_blank" data-smartkarma-citation="entities:40322:1" rel="noopener">Atlantic Lithium (A11 AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/zhejiang-huayou-cobalt-co-ltd" target="_blank" data-smartkarma-citation="entities:25048:1" rel="noopener">Zhejiang Huayou Cobalt (603799 CH)</a> at US$0.25486 per share (A$0.354 per share), a 26.6% premium to the undisturbed price. </li>
<li>The offer is light as it is below the three-month high and 43.7% below Assore’s rejected NBIO of A$0.63 on 15 November 2023.</li>
<li>Nevertheless, the scheme vote is low risk due to Assore’s irrevocable undertaking, a supportive shareholder structure, and moderate retail ownership. Regulatory approvals should also be forthcoming.    </li>
</ul>



Atlantic Lithium (A11 AU) entered a scheme implementation deed with Zhejiang Huayou Cobalt (603799 CH) at US$0.25486 per share (A$0.354 per share), a 26.6% premium to the undisturbed price. 
The offer is light as it is below the three-month high and 43.7% below Assore’s rejected NBIO of A$0.63 on 15 November 2023.
Nevertheless, the scheme vote is low risk due to Assore’s irrevocable undertaking, a supportive shareholder structure, and moderate retail ownership. Regulatory approvals should also be forthcoming.    


Atlantic Lithium (A11 AU): Huayou Cobalt’s Binding Proposal Is Light but Likely Done

<ul>
<li>12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market in June 2025.</li>
<li>Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.</li>
<li>9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. T</li>
</ul>


12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market in June 2025.
Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. T


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Short seller Blue Orca is alleging <strong><a href="https://www.smartkarma.com/entities/atlantic-lithium-limited" target="_blank" data-smartkarma-citation="entities:27991:1" rel="noopener">Atlantic Lithium (ALL LN)</a></strong> is seeking to obtain a Ghanaian lithium mining licence via "textbook corruption".</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a></strong> is a substantial shareholder of Atlantic, together with a co-development agreement for the Ghanaian project, in which the mining license has yet to be ratified. </li>
<li>Orca reckons the license ratification will fail the corruption sniff test, which in turn will jeopardise the Tennessee lithium offtake facility, currently awaiting a DOE grant.</li>
</ul>


Short seller Blue Orca is alleging Atlantic Lithium (ALL LN) is seeking to obtain a Ghanaian lithium mining licence via "textbook corruption".

Piedmont Lithium (PLL AU) is a substantial shareholder of Atlantic, together with a co-development agreement for the Ghanaian project, in which the mining license has yet to be ratified. 
Orca reckons the license ratification will fail the corruption sniff test, which in turn will jeopardise the Tennessee lithium offtake facility, currently awaiting a DOE grant.


Piedmont Lithium: General Mosquito & "Textbook Corruption"

Australia

Atlantic Lithium Limited operates as a mining company. The Company focuses on lithium exploration and development to support the global transition to a carbon neutral future.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Atlantic Lithium (ALL LN)

Hybridan Small Cap Feast: 17 March 2026

Abingdon Health 8.25p £20.71m (ABDX.L) The developer, manufacturer and regulatory services provider for rapid diagnostic tests and medtech reports...

Hybridan

Hybridan Small Cap Feast: 12 November 2025

The Africa-focused lithium exploration and development Company targeting the delivery of Ghana’s first lithium mine updates on the Mining Lease...

Hybridan

Atlantic Lithium (A11 AU): Huayou Cobalt’s Binding Proposal Is Light but Likely Done

The offer is light as it is below the three-month high and 43.7% below Assore’s rejected NBIO in 2023. Nevertheless, the scheme vote is low risk....

Arun George

Hybridan Small Cap Feast: 22/05/2025

Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to...

Hybridan

Piedmont Lithium: General Mosquito & "Textbook Corruption"

There's a considerable amount of expectation on cashflow baked into Piedmont's price from the Tennessee and Quebec facility's off-take agreements....

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)