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.
- Ends
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Contacts
Crossword Cybersecurity plc -
Tel: +44 (0) 333 090 2587
Email:
info@crosswordcybersecurity.com
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/