RC365 Holding PLC shares surged on Monday, after it confirmed that its subsidiary is working to finalise a legally binding contract with Hatcher Group Ltd.

RC365 is a London-based company focusing on payment gateway solutions and IT support services.

Shares in the company were trading at 100.00 pence each, up from 34.00p at close on Friday. Over the past 12 months 15.00p.

On June 1, RC365’s subsidiary Regal Crown Technology Ltd said it signed a non-legally binding memorandum of understanding with Hatcher for artificial intelligence development. It said the MoU will be valid for two years.

On Monday, RC365 said that Regal Crown is working to finalise a legally binding contract with Hatcher. It will make a further announcement if an agreement is signed.

‘Pursuant to this MoU Regal Crown and Hatcher intend to collaborate with each other to bring the possible implementation of AI solutions and other intelligent prediction algorithm models into the development and optimization of Regal Crown’s proprietary applications, including applications with provision of digital wealth management solutions,’ the company said.

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