REG - EQTEC PLC - Update on Initial Subscription

EQTECAnnouncement

29/02/2024 07:30

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RNS Number : 9369E  EQTEC PLC  29 February 2024

29 February 2024

 

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

Update on Initial Subscription

 

Further to its announcements of 13 February 2024 and 22 February 2024, EQTEC
plc (AIM: EQT), a global technology innovator powering distributed,
decarbonised, new energy infrastructure through its waste-to-value solutions
for hydrogen, biofuels, and energy generation, notifies that due to an ongoing
administrative delay in routing funds through Verde Corporation, the newly
formed entity for the purpose of the transaction, the Company and Verde
Corporation have agreed a further amendment to the Subscription Letter to
allow for the proceeds of the Initial Subscription to be received by the
Company on or prior to 8 March 2024 and Admission to be on or around 15 March
2024 (or such later time as the Company may determine, being not later than 20
March 2024). Verde Group have provided to the Company confirmation of the
£0.5 million Initial Subscription funds being transferred into the newly
formed entity's account, for subsequent transfer to the Company in line with
the above timetable. Accordingly, Admission of the Initial Subscription
Shares, and the Conversion Shares, will be delayed.

 

A further update announcement will be made in due course.

 

Terms in this announcement have the same meaning as defined in the Company's
announcement on the Subscription on 13 February 2024, unless otherwise stated.

 

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended, and has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.

 

ENQUIRIES

 

 EQTEC plc                                      +44 20 3883 7009

 David Palumbo / Jeffrey Vander Linden

 Strand Hanson - Nomad & Financial Adviser      +44 20 7409 3494

 James Harris / Richard Johnson

 Fortified Securities - Broker                  +44 20 3411 7773

 Guy Wheatley

 Global Investment Strategy UK Ltd - Broker     +44 20 7048 9045

 Samantha Esqulant

 Panmure Gordon - Broker                        +44 20 7886 2500

 Hugh Rich

 

About EQTEC

 

As one of the world's most experienced thermochemical conversion technology
and engineering companies, EQTEC delivers waste management and new energy
solutions through best-in-class innovation and infrastructure engineering and
value-added services to owner-operators. EQTEC is one of only a few technology
providers directly addressing the challenge of replacing fossil fuels for
reliable, baseload energy. EQTEC's proven, proprietary and patented technology
is at the centre of clean energy projects, sourcing local waste, championing
local businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.

 

EQTEC designs, specifies and delivers clean, syngas production solutions in
the USA, EU and UK, with highly efficient equipment that is modular and
scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of
feedstock, including forestry waste, agricultural waste, industrial waste and
municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be used for the
widest range of applications, including the generation of electricity and
heat, production of renewable natural gas (through methanation) or biofuels
(through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

 

EQTEC's technology integration capabilities enable the Group to lead
collaborative ecosystems of qualified partners and to build sustainable waste
reduction and green energy infrastructure around the world.

 

The Company is quoted on the London Stock Exchange's Alternative Investment
Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the
Green Economy Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.

 

Further information on the Company can be found at www.eqtec.com
(http://www.eqtec.com/) .

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