Last checked at 29 Feb 2024 07:17
29 February 2024
EQTEC plc
("EQTEC", the "Company" or the "Group")
Update on Initial Subscription
Further to its announcements of 13 February 2024 and 22 February 2024, EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, notifies that due to an ongoing administrative delay in routing funds through Verde Corporation, the newly formed entity for the purpose of the transaction, the Company and Verde Corporation have agreed a further amendment to the Subscription Letter to allow for the proceeds of the Initial Subscription to be received by the Company on or prior to 8 March 2024 and Admission to be on or around 15 March 2024 (or such later time as the Company may determine, being not later than 20 March 2024). Verde Group have provided to the Company confirmation of the £0.5 million Initial Subscription funds being transferred into the newly formed entity's account, for subsequent transfer to the Company in line with the above timetable. Accordingly, Admission of the Initial Subscription Shares, and the Conversion Shares, will be delayed.
A further update announcement will be made in due course.
Terms in this announcement have the same meaning as defined in the Company's announcement on the Subscription on 13 February 2024, unless otherwise stated.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No?596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
ENQUIRIES
EQTEC plc David Palumbo / Jeffrey Vander Linden
| +44 20 3883 7009 |
Strand Hanson - Nomad & Financial Adviser James Harris / Richard Johnson
| +44 20 7409 3494 |
Fortified Securities - Broker Guy Wheatley
| +44 20 3411 7773 |
Global Investment Strategy UK Ltd - Broker Samantha Esqulant
| +44 20 7048 9045 |
Panmure Gordon - Broker Hugh Rich
| +44 20 7886 2500 |
About EQTEC
As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.
EQTEC designs, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of renewable natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.
The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.
Further information on the Company can be found at www.eqtec.com.