Itaconix PLC Company Update on Funding and Business Plan (4189G)
17 Marzo 2020 - 8:00AM
UK Regulatory
TIDMITX
RNS Number : 4189G
Itaconix PLC
17 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014
("MAR"). IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE
MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
17 March 2020
Itaconix plc ("Itaconix" or the "Company")
Company Update on Funding and Business Plan
On 9 January 2020, Itaconix (LSE:ITX) (OTCQB:ITXXF) announced a
trading update for the year to 31 December 2019. Since that
announcement, the Company has continued to trade in line with the
Board's expectations and has a strong order book for its
ingredients used in consumer detergent and cleaning products which
has not been materially impacted by Covid-19.
The Company commenced a process in early March to raise equity
funding to support this order book and fund working capital needs
to continue advancing revenues of the Company's growing portfolio
of bio-based ingredients for consumer products. Due to current
market turbulence, discussions in the UK and the US to procure
funding continue. There can be no assurance at this time, however,
of additional funding nor of the terms and price of such
funding.
In response to the market volatility and uncertainty caused by
Covid-19, the Company is undertaking operational efforts to extend
the Company's runway with its current balance of GBP 0.3 million in
cash whilst it continues its efforts to procure additional funding,
including:
-- Maintaining production capabilities to assure fulfilment of
new purchase orders from customers;
-- Reducing short-term operating costs;
-- Negotiating new payment terms with key customers and
suppliers to reduce working capital needs;
-- Assessing the sale of assets; and
-- Reviewing the benefits and costs associated with the
Company's shares continuing to trade on AIM.
The Board believes that, with these actions and without any
further funding, the Company has sufficient working capital to
operate to at least the end of May 2020.
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based
functional ingredients for improving the safety and performance of
homecare, personal care, and industrial products. Its proprietary
polymer technology generates a growing range of new ingredients
with unique functionality that meet consumer demands for value and
sustainability.
www.itaconix.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCQDLBFBXLZBBD
(END) Dow Jones Newswires
March 17, 2020 03:00 ET (07:00 GMT)
Grafico Azioni Itaconix (LSE:ITX)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Itaconix (LSE:ITX)
Storico
Da Apr 2023 a Apr 2024