REG - RegTech Open Project - Funding update

REGTECH OPEN PROJECTAnnouncement

14/06/2024 07:00

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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
(https://regtechopenprojectplc-my.sharepoint.com/personal/david_blunt_regtechopenproject_co_uk/Documents/www.regtechopenproject.co.uk)

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