The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation
(EU) 596 / 2014 which forms part of United Kingdom law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
27 March 2024
Sondrel (Holdings)
plc
("Sondrel", the "Company" and together with its subsidiaries
the "Group")
Updated Supply
Arrangements
Sondrel (AIM: SND), a leading
provider of ultra-complex chips for leading global technology
brands, announces further to its announcement of 27 February 2024
that it has now concluded negotiations with a supplier (the
"Supplier") in respect of existing and future supply arrangements
under an addendum to an existing supply contract
("Addendum").
Under the Addendum, contract minimum
utilisation levels have been reduced to bring them in line with the
Company's current license usage rates until 2025 and are expected
to increase thereafter in line with usage over the life of the
contract as Sondrel scales. Payments will be made quarterly
according to utilisation and licence bundles drawn down. Historical
license fee liabilities currently owed by the Company to the
Supplier are to be paid in equal monthly instalments of US$0.2m up
to April 2027 and total cash payments to the Supplier are expected
to not exceed US$1.9 million in 2024.
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: ir.sondrel.com.