The CEO of a RegTech reeling from liquidity problems has resigned from the company.
RegTech Open Project plc listed on the London Stock Exchange’s main market in August 2023 and saw its share price more than double to 250p by September.
However, liquidity problems caused by a delay in funds arriving from a total £8 million working capital loan agreement with an Italian vehicle owned by Alessandro Zamboni saw them quickly crash to below 10p by November.
Amid months of wrangling over amounts and deadlines, the company placed a halt on new hiring, deferred portions of directors’ salaries and put in place payment plans for the settling of historical debts.
Its share price now stands at just 1.5p – and CEO Ian Halliday-Pegg has tendered his resignation “to focus on his personal business interests”. He has agreed to assist the company in a strategic advisory capacity until his successor is appointed.
RegTech Open Project plc specialises in the automation, management and optimisation of regulatory compliance operations.
“As part of its succession planning to enable the company best to deliver on its updated strategic growth plan, including the launch of an additional scalable business line in InsurTech, the company has identified a potential successor to Ian Halliday-Pegg, and will announce the appointment of its new CEO as soon as possible,” it stated.
“In the meantime, the senior leadership team under the guidance of Corrado Rosi, chief operating officer and Paul McFadden, chief financial officer, will lead the business in close collaboration with non-executive directors.”