Gibraltar technology group Valereum Plc announces that the Gibraltar Stock Exchange (GSX) is in the process of surrendering its license, is making immediate arrangements to close its markets and as a result GSX will no longer be permitted to accept new business.

Valereum continues to work with the Gibraltar Financial Services Commission (GFSC) regarding the acquisition of the GSX and the requirements around the issue of a new license.

James Formolli stated:

“I would like to thank shareholders for their patience. Valereum still holds a fixed charge over shares totalling 50% of the GSX and will continue discussions with all relevant parties to find a way forward. The GSX Group is still keen for Valereum to conclude the acquisition.”

Valereum would also like to announce the departure of Alan Gravatz from the Board of Directors with immediate effect.

Valereum plans to update shareholders over the coming weeks with new appointees to the Valereum Board and share other significant news impacting the company’s trajectory where applicable.