The GSTechnologies Ltd (LON: GST) share price rallied 10.87% after the FCA informed the company that the final panel review meeting regarding the company’s stablecoin application for admission to the FCA’s Regulatory Sandbox could no longer take place.
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Therefore, the FCA had postponed the meeting date towards the end of May due to the high number of people who are sick at the FCA, which means that the meeting can’t take place now until the sick individuals are back at work sometime towards the end of May.
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Investors cheered the announcement despite the slight delay in the meeting date since it appears highly likely that GST’s stablecoin will be accepted into the regulatory sandbox, based on the communication received from the FCA.
The FCA gave GST executives the proposed Sandbox testing plan today after announcing the delay in deciding on the stablecoin’s acceptance into the regulatory sandbox. Therefore, most investors expect the stablecoin to be accepted into the sandbox once the FCA holds its meeting.
GSTechnologies also announced that it had appointed CMC Markets UK Plc as its broker with immediate effect. The decision comes at a crucial time for the company as it seeks the admission of its stablecoin into the FCA’s regulatory sandbox.
The last significant announcements from GSTechnologies were on April 11 and 4th. Then on 11 April 2023, the company issued an update clarifying that there were no hidden reasons behind the rally in its share price. At the time, the company’s shares had rallied from 0.30p to 1.80p.
On 4 April 2023, GSTechnologies announced that it had received a conversion notice from the loan facility provider to convert the remaining US$285,000 principal amount and the accrued interest of US$28,500 (10%) into new ordinary shares of the company.
At the moment, investors have to wait and see if the FCA shall approve GST’s regulatory sandbox application, with the scales currently being tipped in the company’s favour. Nevertheless, the rally higher today is evidence of the upbeat investor sentiment towards the company.
*This is not investment advice.
GSTechnologies (GST) share price.
The GSTechnologies (GST) share price rallied 10.87% to trade at 1.53p, from Thursday’s closing price of 1.38p.
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