The CEO of a RegTech reeling from liquidity problems has resigned from the company.
RegTech Open Project plc listed on the London Stock Exchange鈥檚 main market in August 2023 and saw its share price more than double to 250p by September.聽
However, liquidity problems caused by a delay in funds arriving from a total 拢8 million working capital loan agreement with an Italian vehicle owned by Alessandro Zamboni saw them quickly crash to below 10p by November.聽
Amid months of wrangling over amounts and deadlines, the company placed a halt on new hiring, deferred portions of directors鈥� 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 鈥渢o focus on his personal business interests鈥�. 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.
鈥淎s 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,鈥� it stated.
鈥淚n 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.鈥�