EQTEC PLC has provided an update on the Initial Subscription, stating that due to a delay in the processing of funds, an amendment to the Subscription Letter has been agreed upon. The Company and Verde Corporation have allowed for the proceeds of the Initial Subscription to be received by the Company on or prior to 28 February 2024, with Admission to be on or around 1 March 2024. Verde has communicated that the payment of the £0.5 million Initial Subscription funds is expected to be transferred imminently, causing a delay in the Admission of the Initial Subscription Shares and the Conversion Shares.
The Company has announced that a further update will be made in due course. The terms in this announcement have the same meaning as defined in the Company's previous announcement on the Subscription on 13 February 2023, unless otherwise stated. This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014.
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 delivers waste management and new energy solutions through innovation and infrastructure engineering, addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's 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.
The company designs, specifies, and delivers clean, syngas production solutions in the USA, EU, and UK, processing various feedstock with no hazardous or toxic emissions. EQTEC's technology produces a pure, high-quality synthesis gas ("syngas") that can be used for electricity and heat generation, renewable natural gas production, biofuels, and hydrogen reforming. The company'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 PLC 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.