(Alliance News) - RC365 Holding PLC on Friday said it signed an exclusive rights agreement with YouneeqAI Technical Services Inc to distribute and resell YouneeqAI's platform to customers on an exclusive basis in the UK.
Shares in RC365 were down 12% at 67.88 pence each in London on Friday afternoon.
This comes after the London-based company focusing on payment gateway solutions and IT support services signed a non-legally binding letter of intent in August to acquire exclusive rights to YouneeqAI's intellectual property and platform in the UK.
The consideration for the deal is the issue of 6.0 million shares. YouneeqAI will also receive 1% of any gross revenue generated from the use of the platform by RC365.
RC365 is the holding company of Regal Crown Technology Ltd, a fintech solutions service provider in China and Hong Kong.
YouneeqAI is a Denver, Colorado-based artificial intelligence platform focused on product customisation and recommendations.
By Sabrina Penty, Alliance News reporter
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Rc365 Holding (RCGH)