(Alliance News) - Tap Global Group PLC on Tuesday started trading on AQSE as the reverse takeover by London-based investor Quetzal Capital PLC was completed.
Following the GBP20.5 million acquisition of Tap Global Ltd, the newly admitted company raised GBP3.1 million via a subscription of 68.9 million shares at 4.5 pence each. Following admission, the company's shares dropped, last trading 14% below its admission price at 3.88p each.
Tap Global offers a regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing fiat banking and crypto settlement services. The company calls itself a "crypto-fiat exchange service provider with [an] associated neo banking platform," adding that it is the first crypto fintech company that has been approved by Mastercard in Europe. Tap Global has over 100,000 registered users and operates in over 46 countries.
The chief executive of Tap is David Carr, who co-founded Tap Global in 2017 with Arsen Torosian, chief strategy officer. Anthony Quirke, formerly non-executive director at Quetzal, is finance director. Former chair of Quetzal John Taylor, and chair of capital market company Asimilar Group PLC, is chair of Tap Global. Former Quetzal executive director Fungai Ndoro has resigned from the board with admission.
Tap Global shareholders will now receive 450.0 million Quetzal shares under consideration for the deal.
CEO Carr said: "Tap aims to scale quickly by attracting new users from other platforms, with customers looking for a fully regulated solution to take custody of their crypto accounts. This will be done through targeted marketing activity, primarily across Europe but in wider geographies too."
By Tom Budszus, Alliance News reporter
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