London, June 30, 2026, 14:03 BST
- SulNOx was quoted at 55p bid and 65p ask on AQSE, a 10p spread around a 60p mid-price.
- Four trades worth £5,495.32 were recorded on June 30 by the Aquis feed, with the last print at 61.8p at 11:24 London time.
- The latest listed SulNOx announcement on Aquis was the June 22 Eastern Pacific Shipping deal; no newer SulNOx notice was shown on the Aquis announcement page.
- EPS-linked shares due around June 30 would lift total voting rights to 151.6 million from the 144.6 million tradable securities shown on Aquis, if admitted as set out in the RNS.
SulNOx Group PLC AQSE:SNOX was quoted with a wide spread on London’s Aquis Stock Exchange on Tuesday, making the small-cap fuel technology stock’s screen value more a function of liquidity than of the latest trade.
At 14:03 BST, AQSE was inside its regular weekday trading window, which runs from 0800 to 1630 in London. Aquis showed SulNOx at a 60p mid-price, with a 55p bid, 65p ask, £86.73 million market value and 144.6 million tradable securities.
The spread is the investor issue. A 10p bid-ask gap across 144.6 million tradable securities puts about £14.5 million between the bid- and ask-implied equity values. That is more than 2,600 times the £5,495.32 of Tuesday turnover shown by Aquis.
| Measure | Aquis screen / derived figure |
|---|---|
| Bid | 55.00p |
| Mid | 60.00p |
| Ask | 65.00p |
| Spread as % of mid | 16.7% |
| Tradable securities | 144.6 mln |
| Market cap at mid | £86.73 mln |
| Bid-to-ask equity value gap | about £14.5 mln |
| June 30 traded value shown | £5,495.32 |
The tape was thin. Aquis recorded four SulNOx trades on June 29 worth £31,350.12 and four more on June 30 worth £5,495.32 by the latest visible print. The June 30 trade value was less than 0.01% of the quoted market cap.
| Session | Trades shown | Volume | Value | Last visible print |
|---|---|---|---|---|
| June 29 | 4 | 54,421 | £31,350.12 | 56.50p |
| June 30 | 4 | 8,922 | £5,495.32 | 61.80p |
The stock’s next clean valuation point may be the share count. SulNOx said on June 22 that 7,058,200 ordinary shares would be issued to EPS Ventures after completion of an existing contract, with admission to AQSE expected on or around June 30. On admission, the company said total voting rights would be 151,608,359.
At the 60p mid-price, that post-admission count would imply an equity value of about £91.0 million, roughly £4.2 million above the £86.73 million market cap shown on the Aquis quote page using 144.6 million tradable securities. The new block was priced at 2p a share for £141,164 under earlier terms, while its value at a 60p mid-price would be about £4.23 million.
The issue is tied to SulNOx’s June 22 supply agreement with Eastern Pacific Shipping. The company said the four-year deal covers about 1.2 million litres of Sulnox Eco and expands use across more than 50 vessels from about 30. It did not disclose a contract value in the RNS.
EPS reported fuel savings of 3% to 5% over more than two years of deployment, according to SulNOx. Independent testing commissioned by EPS showed a 20% to 23% lubricity improvement in Low Sulphur Marine Gas Oil.
Ben Richardson, SulNOx’s chief executive, said EPS had been “much more than a customer.” Sachin Saharawat, technical director of EPS, said the technology had been “straightforward to deploy.” OTC Markets
The valuation is still heavy against reported revenue. SulNOx said in April that unaudited revenue for the year to March 31, 2026 rose 134% to £2.623 million, with fourth-quarter revenue up 97% to £929,000. At the current Aquis market cap, the stock trades at about 33 times that full-year revenue figure; using the post-admission share count at 60p would put it near 35 times.
