EQTEC PLC has provided an update on the 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 to 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. Verde Group has confirmed 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. Consequently, Admission of the Initial Subscription Shares, and the Conversion Shares, will be delayed. A further update announcement will be made in due course.
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, championing local businesses, creating local jobs, and supporting the transition to localised, decentralised, and resilient energy systems.
The company'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 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. EQTEC is quoted on the London Stock Exchange's Alternative Investment Market (AIM) and has been awarded the Green Economy Mark, recognizing listed companies with 50% or more of revenues from environmental/green solutions.