29 February 2024
EQTEC plc
("EQTEC",
the "Company" or the "Group")
Update on Initial
Subscription
Further to its announcements of 13
February 2024 and 22 February 2024, EQTEC plc (AIM: EQT), a global
technology innovator powering distributed, decarbonised, new energy
infrastructure through its waste-to-value solutions for hydrogen,
biofuels, and energy generation, notifies that due to an ongoing
administrative delay in routing funds through Verde Corporation,
the newly formed entity for the purpose of the transaction, the
Company and Verde Corporation have agreed a further amendment to
the Subscription Letter to allow for the proceeds of the Initial
Subscription to be received by the Company on or prior to 8 March
2024 and Admission to be on or around 15 March 2024 (or such later
time as the Company may determine, being not later than 20 March
2024). Verde Group have provided to the Company confirmation of the
£0.5 million Initial Subscription funds being transferred into the
newly formed entity's account, for subsequent transfer to the
Company in line with the above timetable. Accordingly, Admission of
the Initial Subscription Shares, and the Conversion Shares, will be
delayed.
A further update announcement will
be made in due course.
Terms in this announcement have the
same meaning as defined in the Company's announcement on the
Subscription on 13 February 2024, unless otherwise
stated.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation
No 596/2014, as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended, and
has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.
ENQUIRIES
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EQTEC plc
David Palumbo / Jeffrey Vander
Linden
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+44 20 3883 7009
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Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard
Johnson
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+44 20 7409 3494
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Fortified Securities - Broker
Guy Wheatley
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+44 20 3411 7773
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Global Investment Strategy UK Ltd -
Broker
Samantha Esqulant
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+44 20 7048 9045
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Panmure Gordon - Broker
Hugh Rich
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+44 20 7886 2500
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About EQTEC
As one of the world's most
experienced thermochemical conversion technology and engineering
companies, EQTEC delivers waste management and new energy solutions
through best-in-class innovation and infrastructure engineering and
value-added services to owner-operators. EQTEC is one of only a few
technology providers directly addressing the challenge of replacing
fossil fuels for reliable, baseload energy. EQTEC's proven,
proprietary and patented technology is at the centre of clean
energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, specifies and
delivers clean, syngas production solutions in the USA, EU and UK,
with highly efficient equipment that is modular and scalable from
1MW to 30MW. EQTEC's versatile solutions process 60 varieties of
feedstock, including forestry waste, agricultural waste, industrial
waste and municipal waste, all with no hazardous or toxic
emissions. EQTEC's solutions produce a pure, high-quality synthesis
gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of renewable natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration
capabilities enable the Group to lead collaborative ecosystems of
qualified partners and to build sustainable waste reduction and
green energy infrastructure around the world.
The Company is quoted on the London
Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT)
and the London Stock Exchange has awarded EQTEC the Green Economy
Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.
Further information on the Company
can be found at www.eqtec.com.