RegTech Open Project plc (LON:RTOP) announces that, at the company’s request, the listing of its common 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 reinstatement of its listing following receipt of $2.5 million in funding and publication, expected to be on or before 31 October 2024, of the Company’s annual report and accounts for the period expired on June 30, 2024.
In its June 14, 2024 market update, the Company announced that Mr. Zamboni had told the Company that there would be a delay in receiving US$1.5 million, which, subject to the final approval and execution of the completion documentation and of activities, will receive under phase 1 of the settlement process announced on 16 May.
Mr. Zamboni has indicated to the Company today that the funds will be received by the Company immediately, although at the time of this announcement the funds have not yet been received by the Company.
In addition, following the Company’s announcement on May 31 of the resignation of its then-CEO and the identification of a potential new CEO, the Company is in advanced discussions with a new CEO, which will be completed once funding of 1.5 million dollars from the Company.
In light of the two points set out above and the proximity of the Company’s financial year end (30 June), the Company has discussed these matters with the FCA and requested that the listing of the Company’s common shares be suspended until the Company has received US$2.5 million in funding and published its annual report and accounts for the period ending 30 June 2024.
The Company’s management intends to use this standstill period to straighten out its financial position, enabling the Company to focus on its business development and growth under the leadership of a new CEO.