River Tech Warns Operations at Risk After French Court Freezes Subsidiary Funds

The latest update is out from River Tech p.l.c. ( (DE:9YQ) ).

River Tech p.l.c., a Malta-based B2B technology provider listed on Euronext Growth Oslo, develops secure, customized and user-friendly online solutions for corporate clients with specialist service needs. The company focuses on supporting the delivery of digital services by offering adaptable technology products designed for the online environment.

The company has disclosed that an investigating judge in Paris has ordered the criminal seizure of funds in the operational bank account of its subsidiary, River Technologies Limited, linked to fees received over six years from a former customer. Although the subsidiary has not been charged or convicted and the investigation remains at a preliminary stage, the order freezes the account’s entire credit balance, with about EUR 2.1 million currently blocked, and River Tech expects the measure to remain in force, severely constraining liquidity and threatening its ability to maintain operations as it struggles to secure alternative funding.

River Tech is working with advisors in Norway, Malta and France, as well as other stakeholders, to mitigate the impact of the bank account freeze and defend against the French authorities’ actions. The group has warned that its near-term operational continuity is at serious risk due to likely inability to obtain new financing, and it plans to issue further updates as developments unfold.

More about River Tech p.l.c.

River Tech p.l.c. is a Malta-registered technology company listed on Euronext Growth Oslo under the ticker RIVER. It provides B2B technology products that deliver secure, tailor-made and user-friendly solutions to support companies with specialist competencies in offering services in the online sphere.

Average Trading Volume: 11,960

Current Market Cap: NOK36.79M

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