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:
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Sondrel (Holdings) plc
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Via
Buchanan
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Graham Curren, CEO
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Tel: +44
(0) 20 7466 5000
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Nick Stone, Interim CFO
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Cavendish Capital Markets Limited
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Tel: +44
(0) 20 7220 0500
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Ben Jeynes / Katy Birkin / George
Lawson - Corporate Finance
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Michael Johnson - Sales
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Buchanan Communications
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Tel: +44
(0) 20 7466 5000
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Chris Lane / Stephanie Whitmore /
Abby Gilchrist
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sondrel@buchanan.uk.com
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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.