RevoluGROUP Canada Inc shares sank 40% to $0.115, on more than 2.8 million shares traded, Tuesday after the financial technology company announced that its management team has “reluctantly” chosen to suspend the ongoing equity investment negotiations as a result of the temporary unavailability of RevoluGROUP CEO Steve Marshall.
The company added that for more than a month, Marshall has struggled to combine a typical intense workload with further requirements emanating from Canadian capital markets regulators, saying the intensity of these requests has “reached a climax triggering unsustainably amplified professional duties due to petitions, clarifications, phone calls, legal counsel deliberations, and response deadlines”.
The ongoing negotiations involve a planned share equity acquisition by a European financially regulated entity allied to a UAE based financial consultancy firm.
As a result, RevoluGROUP stated that all parties agreed to suspend the equity investment negotiations for an initial term of up to one month ending at midnight on May 23, 2023, which could automatically be extended if the circumstances surrounding Marshall remain unchanged.
Contact Sean at sean@proactiveinvestors.com