Quantum Blockchain Technologies Plc (LON:QBT) has entered into a binding agreement for the disposal of its entire remaining equity interest in Italian fintech Forcrowd S.r.l.,

QBT has been a shareholder in Forcrowd since its initial investment in October 2019.

The disposal forms part of QBT’s strategy of focusing its resources and management attention on its core activities in blockchain technologies, Bitcoin mining optimisation and artificial intelligence-driven solutions.

Under the terms of the transaction, QBT will dispose of its entire residual holding in Forcrowd following the completion and registration of a €400,000 capital increase which Forcrowd has completed this week. The residual stake following completion of the Capital Increase being 23.39% will be acquired by a group of Italian investors with significant experience in financial services, investment management and corporate finance, together with an existing shareholder of Forcrowd.

The transaction comprises:

• the sale of a 5.47% interest pursuant to a previously agreed option arrangement for a consideration of €25,000; and
• the sale of the balance of QBT’s remaining shareholding (being 17.92 per cent.) for a consideration of €130,000.

The aggregate gross proceeds receivable by QBT amount to €155,000 .

Completion of the transaction is conditional upon the registration of Forcrowd’s Capital Increase with the relevant Italian corporate authorities and is expected to occur within five business days thereafter. Upon completion, QBT will cease to hold any interest in Forcrowd.

As part of the transaction, Francesco Gardin will step down from his position as Chairman of Forcrowd upon completion, reflecting QBT’s full exit from the company and concluding QBT’s involvement in the governance of Forcrowd. Since QBT’s initial investment in October 2019, Mr Gardin has served as Chairman of Forcrowd without receiving any remuneration, directors’ fees, bonuses, share awards or any other compensation in connection with that role.

The Board believes that the disposal represents an appropriate conclusion to the Company’s investment in Forcrowd and will enable management to focus on the commercialisation and development of QBT’s proprietary technologies.

Francesco Gardin, Executive Chairman and Chief Executive Officer of QBT, commented :

“We are pleased to conclude the disposal of our remaining investment in Forcrowd. The transaction brings additional cash resources to QBT and allows the Company to further focus on the execution of its strategic objectives.

We are particularly pleased that the stake is being acquired by a group of Italian investors with strong financial and investment expertise, who we believe will support Forcrowd’s future development.

As part of this process, I will also step down as Chairman of Forcrowd following completion of the transaction, marking the conclusion of QBT’s long-standing involvement with the company.

Since our initial investment in October 2019, it has been a privilege to support Forcrowd’s development, including its transition to a regulated crowdfunding platform. I am particularly proud that I have undertaken the role of Chairman throughout this period reflecting my commitment to supporting the business and creating value for shareholders.”