RegTech Open Project plc

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RTOP

GB00BS3BDY00

Financial Technology (Fintech)

Market Closed - London S.E. Other stock markets 16:35:08 21/06/2024 BST			5-day change	1st Jan Change
3.25 ^GBX	0.00%		0.00%	-70.40%

06-14	RegTech Open shares dive as funds from RegTech Italy delayed	AN
06-14	RegTech Open Project Faces Delay in Funding	MT

RegTech Open shares dive as funds from RegTech Italy delayed

June 14, 2024 at 02:26 pm

(Alliance News) - 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 USD1.5 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 USD1.5 million by Friday, which it would advance to RegTech Open.

RegTech Open pointed out that the contracts to enable the USD1.5 million to be transferred via RegTech Italy are in final form. Zamboni expects them "to be executed imminently."

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

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Company Profile

RegTech Open Project plc is an independent fintech company. The Company is a technology business specialized in the automation, management, and optimization of regulatory compliance operations (regtech) that has developed the Orbit Open Platform, which helps its customers navigate complex regulatory landscape, maintain a secure and stable operating environment, whilst improving compliance with applicable regulations and standards, and reducing the risk of business disruptions. The Orbit Open Platform is a cloud-based software-as-a-service (SaaS) solution that offers a suite of modules and features. By leveraging the cloud, the Orbit Open Platform can offer flexibility, scalability, and access to businesses of all sizes, sectors, and geographies. It has over 1,000 daily users from 19 customers of the Orbit Open Platform, principally in the financial services sector, including four Italian-headquartered banks, and other sectors, including public administration, manufacturing and others.

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Financial Technology (Fintech)

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Sector Financial Technology (Fintech) (NEC)

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Financial Technology (Fintech) (NEC)