Seed Capital Solutions has disclosed that its proposed acquisition of 4DM faces a regulatory delay after Spanish authorities determined the deal requires prior authorisation from the Ministry of Economy, Trade and Business.
The requirement arises because Seed is classified as a foreign investor acquiring a company active in a strategic sector, namely artificial intelligence.
The AIM-listed investment company said the transaction documentation, including the audit of 4DM for the year ended 31 December 2025, has been progressing, but change of control provisions within 4DM triggered the regulatory issue, which Seed is now reviewing.
Separately, Seed has moved its accounting reference date from 30 June to 31 December to align its financial calendar with 4DM's, a step the company described as preparatory to completing the deal.
As a consequence of the date change, Seed will publish a second interim report covering the six months to 30 June, due on or before 30 September.
No revised completion timeline has been provided.
