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.
28 June 2024
RegTech
Open Project plc
("RTOP" or the "Company")
Temporary
suspension of listing
RegTech Open Project plc (LSE: RTOP)
announces that, at the Company's request, the listing of the
Company's ordinary shares on the Main Market of the London Stock
Exchange has been temporarily suspended with effect from 7.30am
today. The Company intends to apply to the FCA for a restoration of
its listing following receipt of $2.5m in funding and publication,
expected to be on or shortly before 31 October 2024, of the
Company's annual report and accounts for the period ending 30 June
2024.
In its update to the market on 14
June 2024 the Company announced that Mr Zamboni had told the
Company that there would be a delay in the Company receiving
US$1.5m which, subject to final approval and execution of
completion documentation and activities, it will receive under
phase 1 of the settlement process announced on 16 May. Mr
Zamboni has today represented to the Company that the funds will be
received by the Company imminently, although as at the time of this
announcement the funds have not yet been received by the
Company.
In addition, following the Company's
announcement on 31 May of the resignation of its then CEO and the
identification of a potential new CEO, the Company is in advanced
talks with a new CEO which will be concluded once funding of $1.5m
has been received by the Company.
In the light of the two points set
out above, and the proximity of the end of the Company's financial
year (30 June), the Company has discussed these matters with the
FCA and has requested that the listing of the Company's ordinary
shares be suspended until the Company has received US$2.5m in
funding and published its annual report and accounts for the period
ending 30 June 2024. The directors of the Company intend to
use this period of suspension to regularise its funding position,
enable the Company to focus on its business development and growth
activities under the leadership of a new CEO and ensure that, under
the new CEO's leadership, the Company is well-placed for the
restoration of the listing of its ordinary shares.
- 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 the
automation, management, and optimisation of regulatory compliance
operations. The Company has developed
the Orbit Open Platform, an award-winning proprietary software
platform focused on Operational Resilience (OR).
For more information, please
visit
www.regtechopenproject.co.uk