17th Feb 2025 16:28
Tap Global Group PLC - provider of app-based cryptocurrency payment and settlement services - Raises gross proceeds of GBP1 million through a placing of 50.0 million shares at price of 2 pence per share. Says that having reached cash flow positivity, the company has an opportunity to utilise additional capital "to scale faster through accelerated investment in marketing and customer acquisition, including the activation of a substantial database of registered users." Notes participation of Chief Executive Arsen Torosian who subscribed to the amount of 2.5 million placing shares, bringing his holding to 59.52% post placing. Adds that a number of new and high-profile institutional investors supported the placing.
Chief Executive Arsen Torosian: "We appreciate the support of investors who have quickly identified the opportunity of our business to scale rapidly through accelerated investment in customer activation and marketing. It is a considerable vote of confidence to have some of London’s most prestigious smaller company focused institutional funds join our register.
"With an efficient operating structure and considerable momentum in the cryptocurrency markets, we have the wind in our sails and are focused on elevating Tap Group to the next level."
Current stock price: 2.15 pence
12-month change: up 39%
By Christopher Ward, Alliance News reporter
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