Quantum Blockchain extends share sale and repurchase deal with CEO
Updated : 11:35
Quantum Blockchain Technologies announced an extension to the sale and repurchase agreement involving its chief executive officer and executive chairman Francesco Gardin and MC Strategies on Wednesday.
The AIM-traded firm said that under the revised terms, Gardin would repurchase five million ordinary shares of the company at a new price of 3.483p apiece, up from the original repurchase price of 3.441p.
It said the adjustment reflected a 5% annual interest rate on the initial purchase price of 3p per share.
The repurchase date was also extended, from 30 September to 31 December 2024.
All other terms of the deal remained unchanged.
Beyond those shares, Gardin was also the beneficial owner of an additional 29,284,149 shares, representing about 2.27% of the company’s total issued share capital.
At 1135 BST, shares in Quantum Blockchain Technologies were down 7.95% at 0.51p.
Reporting by Josh White for Sharecast.com.