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IN BRIEF: Quantum Blockchain reports partial settlement with Sipiem

17th May 2024 22:05

Quantum Blockchain Technologies PLC - investment company focused on technology sector, particularly blockchain, cryptocurrency and artificial intelligence - Notes that the first preliminary settlement has been agreed by its subsidiary Clear Leisure 2017 Ltd and some of Sipiem Liquidazione Srl case defendants. The settlement is for EUR700,000 to be paid in two instalments. Further, an agreement has been reached with Sipiem's receiver to buy its right to receive 30% of any sums collected, which was a provision of the initial claim purchase agreement back in 2019.

Quantum Block Executive Chair Francesco Gardin says: "We are very happy with the outcome of this double negotiation with the defendants and the receiver, which allows us to cash in the first tangible result of the Sipiem Litigation and now gives us the rights to all funds recovered, namely the EUR700,000 of this agreement and the balance amounting to EUR5.575 million plus interest and augmentation for inflation. This provides us with an improved negotiating position regarding the collection of the remaining amount due to us."

Current stock price: 1.01 pence per share, closed 1.3% lower on Friday in London

12-month change: down 34%

By Tom Budszus, Alliance News slot editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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