11 October 2024
Crossword Cybersecurity Plc
("Crossword", the "Company" or the "Group")
Result of financial review and
Proposed sale of underlying business and assets
The Board of Crossword Cybersecurity plc (AIM: CCS), announces that following the cost reduction programme announced on 14 August 2024, the new management team has concluded a further review of the Group's financial position in light of the current trading conditions and believes that the Company will need to raise up to £600,000 within the next six weeks if it is to continue operations.
The Company has commenced discussions with several of its largest shareholders and with a potential investor concerning raising further finance, but there can be no certainty that any agreements will be concluded and that additional equity or debt finance will be secured. While the Company will continue to look for additional sources of funding, the Board believes that in light of the Group's financial position, the most effective way of maximizing value for creditors would be through the sale of its underlying business and assets (the "Proposed Sale") and has appointed Knight Corporate Finance Limited to manage the Proposed Sale. Given the Company's limited cash resources and significant debt levels, there can be no guarantee that any value will accrue to shareholders as a result of the Proposed Sale.
As announced by the Company on 27 September 2024, the Company's shares were suspended from trading on AIM for non-publication of its interim results to 30 June 2024.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this information is now considered to be in the public domain.
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Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Stuart Jubb, Chief Executive Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters
Hybridan LLP (Broker) - Tel: +44 (0) 203 764 2341
Claire Louise Noyce
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.
Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion™ suite of threat intelligence products, Trillion Breach, Harvista and Arc and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword's ordinary shares are admitted to trading on the AIM market of the London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/