EQTEC PLC (AIM:EQT) has issued an update regarding its Subscription process initially detailed in February 2024.
The company has encountered a temporary setback due to funding delays from Verde Corporation.
Verde has notified EQTEC that the funds designated for the subscription form part of a syndicated investment pool linked to another unrelated transaction in the US, that must complete in tandem with the investment into EQTEC.
Despite the delay, Verde has assured EQTEC that the transaction should close imminently.
In light of these developments, EQTEC and Verde have executed a new Subscription Letter, superseding the initial agreement.
This updated arrangement maintains the original subscription amount while amending the settlement timelines and eliminating certain conditions for more flexibility.
The agreement for conversion of debt into equity by shareholders Pitcole and Altair Group, along with the undertaking by YA-RF Lenders not to convert the remaining £600,000 syndicated facility until after 30 June, remains in place as previously announced.