Applyflow Business Sale and Strategic Shift

Applyflow Limited (ASX:AFW) is set to sell its Applyflow business via a management buy-out to Richard Swanton, the current acting CEO. The move follows AFW's announcement of its intention to acquire Fairfield Copper and Fintry REE Projects in Canada. The sale, subject to shareholder approval, aims to streamline operations as AFW transitions into mineral exploration.

Applyflow, acquired in 2020, offers HR technology globally. Despite recent efforts to enhance operations and market share, Applyflow remains cash flow negative. The decision to divest aligns with challenges in technology start-ups, compounded by market pressures and funding difficulties. AFW's market capitalization has plummeted, reflecting negative market sentiment. The proposed sale is vital for AFW's strategic shift and its planned acquisition of the Canadian projects.

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