RegTech Open Project plc (LON:RTOP) announces that, at the company’s request, the listing of its 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.
