EQTEC PLC has provided an update on the Subscription from Verde Corporation, stating that the completion has been postponed due to a delay in funding receipt by Verde. The company has signed a new Subscription Letter with Verde, with key terms including a first subscription for cash consideration of £500,000 and a second subscription for cash consideration of £1,000,000. The new Subscription Letter also includes board representation rights as previously announced. Additionally, the agreement for conversion of debt into equity by significant shareholders Pitcole Limited and Altair Group Investment Limited remains in place. The company will make a further update announcement in due course, including confirmation of the admission date of the First Tranche Shares and the Conversion Shares.
The announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
EQTEC PLC is a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. The company's technology integration capabilities enable it to lead collaborative ecosystems of qualified partners and to build, own and operate waste-to-value plants. EQTEC's proven, proprietary and patented technology is at the center of clean energy projects, sourcing local waste, creating local jobs, and supporting the transition to localised, decentralised, and resilient energy systems.