London-listed RC365 Holding PLC (LSE:RCGH), which specialises in payment gateway solutions and IT support, has updated stakeholders on its agreement for exclusive rights to YouneeqAI's IP and platform in the UK and first refusal to purchase the rights in additional new territories.
RC365 is required to issue six million new shares in the company, with half of these shares distributed at the agreement signing.
The remaining three million shares, initially scheduled for release around 29 February, have had their issuance deferred to on or around 1 October.
This adjustment comes as RC365 redirects short-term resources to Malaysia and Japan, areas experiencing faster-than-expected operational growth.
“The Board of RC365 have given consideration to the project and decided that resources in the short term for this project would be better deployed to Malaysia and Japan where operations have accelerated quicker than the board anticipated,” said the group.
“The UK remains a key focus for the company and the board continue to explore opportunities in this region,” it added.
RC365 has called a general meeting on 27 March to increase its directors' authority to allot new ordinary shares.