RegTech Open Project PLC on Friday reported that it will receive funding later than expected.
RegTech Open shares fell 29% to 3.00 pence each on Friday afternoon in London.
The London-based regulatory compliance technology company said that the company’s founder Alessandro Zamboni noted that funding of $1.5 million will be delayed due to delays in the finalisation of contract that enable the money to be transferred.
The money is set to come from RegTech Italy. That company had entered into share purchase agreements with independent third parties and phase 1 of the settlement process which would result in RegTech Italy receiving $1.5 million by Friday, which it would advance to RegTech Open.
RegTech Open pointed out that the contracts to enable the $1.5 million to be transferred via RegTech Italy are in final form. Zamboni expects them ‘to be executed imminently.’
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