Fintech provider TechFinancial, announced its decision to terminate all its B2B brokerage services activities. The company attributed its decision to the continuing regulatory challenges facing traditional brokerage solutions business unit and the drop in corresponding revenues.
Techfinancials’ Board of Directors made the decision to give its licensees a six months termination notice as per the license agreement in place. All B2B brokerage services activities will be ceased by 1 November 2020 or earlier if the licensees choose to terminate before that time.
TechFinancial also announced its separation agreement with Footies.Tech. As per the agreement, TechFinancial will buy all of the Footies.Tech shares at no cost, so that following the purchase TechFinancials holdings will increase from 82.5% to 100% of the issued share capital of Footies Ltd. on a fully diluted basis. Footies.Tech will, in return, receive the basic source code of the Footies Ltd. as it existed on 31 May 2019. TechFinancial and Footies.Tech will jointly own the Basic Source Code.
Last December, TechFinancials Inc announced its intention cancel the admission of the Ordinary Shares to trading on AIM and remain listed only on NEX. The company had taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses. TechFinancials delisted its shares from the London Stock Exchange in January.
