REG - Sondrel (Holdings) - Further re Corporate Update

Sondrel (Holdings)Announcement

01/03/2024 07:00

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RNS Number : 0618F  Sondrel (Holdings) plc  01 March 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation

 

1 March 2024

 

Sondrel (Holdings) plc

("Sondrel", the "Company" and together with its subsidiaries the "Group")

 

Further re Corporate Update

 

Further to the announcement on 27 February 2024, Sondrel confirms that
discussions with a potential provider of capital to meet the Group's immediate
working capital requirements are now at a very advanced stage in respect of a
proposed £0.9 million secured 15% convertible loan note (the "CLN").

 

If agreed between the parties, the CLN would be mandatorily convertible into
new ordinary shares in the Company at a price of 10 pence per new ordinary
share on completion of a wider fundraise by the Company to raise net proceeds
of not less than c.£6 million (the "Fundraise"). The provider of the CLN is
expected to invest a further material equity amount in the Fundraise, which is
intended to be completed prior to the end of March 2024.

 

The Fundraise is expected to provide the Company with the necessary working
capital resources to support it through to a positive trading cash flow
position in the year ending 31 December 2024 ("FY24").

 

Whilst the CLN is expected to be secured imminently, the Company cautions that
the provision of the CLN remains subject to agreement between the parties. The
Company will not be able to meet February 2024 payroll in full prior to
receipt of CLN proceeds.

 

The Company thanks its employees and other stakeholders for their continued
support and commitment to the Group and further announcements will be made, as
appropriate, in due course.

 

 

For further information:

 

 Sondrel (Holdings) plc                                        Via Buchanan
 Graham Curren, CEO                                            Tel: +44 (0) 20 7466 5000
 Nick Stone, Interim CFO

 Cavendish Capital Markets Limited                             Tel: +44 (0) 20 7220 0500
 Ben Jeynes / Katy Birkin / George Lawson - Corporate Finance
 Michael Johnson - Sales

 Buchanan Communications                                       Tel: +44 (0) 20 7466 5000
 Chris Lane / Stephanie Whitmore / Abby Gilchrist              sondrel@buchanan.uk.com (mailto:sondrel@buchanan.uk.com)

 

About Sondrel

Sondrel is a UK-based fabless semiconductor company specialising in high end,
complex digital Application Specific Integrated Circuits (ASICs) and System on
Chips (SOCs). It provides a full turnkey service in the design, prototyping,
testing, packaging and production of ASICs and SoCs.

 

The Company is one of only a few companies capable of designing and supplying
the higher-spec chips built on the most advanced semiconductor technologies,
selling into a range of hyper growth end markets such as high-performance
computing, automotive, artificial intelligence, VR/AR, video analytics, image
processing, mobile networking and data centres.  Sondrel designs have enabled
products by leading technology brands including Apple (iPhone), Sony
(PlayStation), Meta's (Oculus), Samsung, Google and Sony smartphones, JVC
(prosumer camcorders), Tesla and Mercedes-Benz cars.

 

Sondrel is well-established, with a 20-year track record of successful
delivery, supported by long standing ecosystem partnerships including Arm,
TSMC and Samsung. Headquartered in the UK, Sondrel has a global presence with
offices in UK, USA, China, India and Morocco.

 

For more information please visit: www.sondrel.com (http://www.sondrel.com) .

 

 

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