EQTEC PLC has provided an update on the Subscription with Verde Corporation, postponing the completion at Verde's request. The postponement has led to improved commercial terms for the Company, including the Subscription price for the Second Tranche and exercise price of associated warrants. The new Subscription Letter includes key terms such as the First Tranche and Second Tranche subscription for cash consideration, receipt of cash consideration by the Company, and Admission becoming effective. The agreement for conversion of debt into equity by significant shareholders Pitcole Limited and Altair Group Investment Limited, along with the undertaking by YA-RF Lenders not to convert the remaining £600,000 syndicated facility, remains in place as previously announced.
Verde Corporation's Founder and Chairman, Mike Luther, expressed commitment to the strategic investment into EQTEC, acknowledging the delays and expressing readiness to explore collaboration opportunities to enhance the company's profile in the USA. EQTEC's CEO, David Palumbo, acknowledged the delays and expressed anticipation for strategic opportunities once the transaction closes. The Directors remind shareholders that until funds have been received, Admission will not take place, and the Subscription will not complete. A further update announcement will be made 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. EQTEC 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 delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC's proven, proprietary, and patented technology is at the center of clean energy projects, sourcing local waste and championing local businesses.
The Company's Nomad & Financial Adviser is Strand Hanson, and its Broker is Fortified Securities, along with Global Investment Strategy UK Ltd as Broker. EQTEC's CEO and Jeffrey Vander Linden can be contacted for further inquiries.
This update provides a comprehensive overview of the recent developments regarding the Subscription with Verde Corporation and the strategic investment by EQTEC PLC, including key terms, comments from involved parties, and regulatory information.