TIDMCCS
RNS Number : 3797A
Crossword Cybersecurity PLC
23 September 2022
Crossword Cybersecurity Plc
GBP3.6m oversubscribed Fundraising
23 September 2022 - London, UK Crossword Cybersecurity Plc
(AIM:CCS, "Crossword", the "Company" or the "Group"), the
cybersecurity solutions company focused on cyber strategy and risk,
is pleased to announce that it has completed an oversubscribed
fundraising by Hybridan LLP of approximately GBP3.6 million (gross)
through a placing of Crossword ordinary shares of 0.5p each
("Ordinary Shares") at a price of 21.7 pence per Ordinary
Share.
The Company intends to apply proceeds from the placing of
16,761,407 Ordinary Shares from new and existing institutional
shareholders to increase sales and marketing resource, for product
development and support, for geographical expansion to support the
24/7 monitoring services and for general working capital purposes.
The placing price represents a 10% discount to the closing
bid-price on 22 September 2022.
Under the terms of its investment, Gresham House Asset
Management Limited, which has agreed to invest GBP2m under the
placing and which will hold 18.9% of the Company's issued ordinary
share capital, will have the right to nominate a Non-Executive
Director to Crossword's Board, on condition that it holds at least
15% of the Company's shares.
A copy of the Company's current investor presentation is
available on its website, www.crosswordcybersecurity.com
Settlement and dealings
Application has been made for the admission of the 16,761,407
Ordinary Shares, which rank pari passu with the Company's existing
issued Ordinary Shares, to trading on AIM. Dealings on AIM are
expected to commence at 8:00am on or around 26 September 2022
("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission,
Crossword will have 92,403,715 Ordinary Shares in issue with voting
rights attached. Crossword holds no shares in treasury. This figure
of 92,403,715 may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the DTRs.
Tom Ilube, CEO of Crossword, commented:
"I am delighted with the continued support we have received from
our shareholders, and to welcome new shareholders in this latest
fundraising. In 2022, we remain confident in growing our revenues
by circa 75% to GBP4m. Looking ahead and with this latest round of
funding and the visibility on our commercial discussions, the Board
is confident of delivering 50% YOY revenue growth in FY 2023 taking
revenues to GBP6m. "
- Ends -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jamie Barklem / Daphne Zhang / Ciara
Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Financial PR:
David Hothersall, Kinlan Communications
davidh@kinlan.net - Tel: +44 (0) 207 638 3435
General:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
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, Nixer to
protect against application layer DDoS attacks, our Trillion and
Arc breached credentials tracking platforms, 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 is traded on the AIM market of the
London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/
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END
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September 23, 2022 02:01 ET (06:01 GMT)
Crossword Cybersecurity (LSE:CCS)
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