REG - RegTech Open Project - Temporary Suspension of Listing

REGTECH OPEN PROJECTAnnouncement

28/06/2024 08:00

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RNS Number : 3260U  RegTech Open Project PLC  28 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.

 

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

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