Innodata Withdraws Proposal to Acquire Appen

Innodata Inc. (NASDAQ:INOD) has officially retracted its proposal to purchase all shares of Appen Limited (ASX:APX), as announced on March 13, 2024. This withdrawal comes after Appen made Innodata's non-binding, confidential proposal public on March 12, following a halt in Appen's stock trading by the Australian Stock Exchange (ASX). The ASX demanded disclosure following unusual trading activity in Appen's stock.

The initial proposal was confidentially submitted to Appen's board on February 13, 2024, with the stipulation of confidentiality. Despite the withdrawal of the acquisition proposal, Innodata remains confident in achieving its revenue growth target of 20% for the year 2024.