RegTech Open Project PLC Funding update
June 14 2024 - 2:00AM
RNS Regulatory News
RNS Number : 4070S
RegTech Open Project PLC
14 June 2024
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION
2014/596/EU, WHICH IS PART OF DOMESTIC LAW OF THE UNITED KINGDOM OF
GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
(AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
14 June 2024
RegTech
Open Project plc
("RTOP" or the "Company")
Funding Update
RegTech Open Project plc (LSE:
RTOP), the technology business specialised in the automation,
management, and optimisation of regulatory compliance operations,
announces an update as to the timing of its receipt of funding
further to its announcement made on 16 May 2024.
Receipt of funding
On 16 May 2024 the Company announced
that the Directors had been told by Mr Zamboni that (i) The
AvantGarde Group S.p.A. and RegTech Open Project S.p.A.
("RegTech Italy") had
started the multi-phase execution process for the settlement
between RegTech Italy and certain independent third parties who had
entered into share purchase agreements with RegTech Italy; and (ii)
phase 1 of the settlement process would result in RegTech Italy
receiving and advancing to the Company US$1.5m by 14 June 2024
subject to final approval and execution of completion documentation
and activities.
Today the Company announces that Mr
Zamboni has told the Company that there will be a delay in the
Company receiving the US$1.5m due to delays in the finalisation of
the contracts to enable that money to be transferred. Mr Zamboni
has also told the Company that (i) the contracts to enable the
US$1.5m to be transferred via RegTech Italy to the Company are in
final form and that he expects them to be executed imminently; and
(ii) execution of the contracts will immediately trigger the start
of the payment transfers, first to RegTech Italy and then onwards
to the Company using the established mechanisms for international
payments.
- Ends -
Enquiries:
|
RegTech Open Project plc
Albert Ganyushin,
Chairman
|
investors@regtechopenproject.co.uk
|
About RegTech Open Project
plc
RegTech Open Project plc is a
technology business specialised in Regulatory Technology (RegTech)
that has developed the Orbit Open Platform, an award-winning
proprietary software platform focused on Operational Resilience
(OR).
RTOPs shares are listed on the
London Stock Exchange's main market under the ticker "RTOP". For
more information, please visit
www.regtechopenproject.co.uk
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