(Alliance News) - UCapital24 Spa announced Thursday that it has approved a loan agreement with majority shareholder UCapital Ltd worth EUR500,000 as part of the acceleration of the development process undertaken by the issuer.

The loan agreement, UCapital24 explained in a note, stipulates that the disbursement of the sums will be made as a shareholder loan with the application of an interest rate of 2.5 percent per annum and, that the loan must be repaid in full no later than Dec. 31, 2024, unless any extensions are agreed upon in writing between the parties. Accrued interest is to be paid on an annual basis and will run from the date of each payment.

Finally, the board announced that the social network's new app will be released by the end of May and Market Intelligence will be launched.

The CEO, Gianmaria Feleppa, points out that "the new internally created platform will be positioned in the market as the new Bloomberg intended for a mass audience and will be accessible within the social network. This will allow a different segment of the market to be able to use a tool that can provide analysis, prices, charts, and other financial economic information strictly updated in real time."

UCapital24 is down 4.8 percent at EUR0.40 per share.

By Chiara Bruschi, Alliance News reporter

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