Glasgow-based DeepMatter Group plc, the AIM-listed digital chemistry data and software company, announced on Monday that its shareholders have approved its plan to to leave the stock market and become a private limited company.

DeepMatter announced the plan on November 24 to after concluding “that the cancellation of trading in the company’s ordinary shares on AIM and subsequent re-registration as a private limited company … will provide greater opportunities to raise additional capital.”

DeepMatter shares have fallen more than 90% over the past year.

“DeepMatter Group Plc … announces that, at the general meeting of the company held earlier today all resolutions proposed were duly passed,” said the firm on Monday.

“The resolutions included the special resolutions in respect of the proposed cancellation of the admission of the company’s ordinary shares to trading on AIM, the re-registration of the company as a private limited company and the adoption of new articles of association.

“As set out in the circular posted to shareholders of 02 December 2022, the cancellation will become effective on 05 January 2023 and it is expected that the re-registration will occur in the week commencing 16 January 2023.

“Shareholders are reminded that the last day of dealings in Deepmatter ordinary shares on AIM will be 04 January 2023.”