10 February 2021 – London, UK –Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused on cyber security and risk management, is pleased to announce that it has undertaken an oversubscribed fundraising of approximately £1.6 million through a placing and subscription of Crossword ordinary shares of 5p each (“Ordinary Shares”) at a price of 260 pence per share.
The placing of 591,340 Ordinary Shares and subscription of 38,460 Ordinary Shares to raise £1,637,480 from new and existing institutional shareholders is to drive growth in the Company’s Rizikon Pro platform. Additionally, the Company intends to apply proceeds to increase sales and marketing resource, for product development and support and for general working capital purposes. The Placing Price represents a 6.8% discount to the closing price on 9 February 2021.
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 629,800 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 12 February 2021 ("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Crossword will have 5,761,890 Ordinary Shares in issue with voting rights attached. Crossword holds no shares in treasury. This figure of 5,761,890 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 including the Helium Rising Stars Fund in this latest fundraising, and two other new institutional shareholders. Crossword finished the fourth quarter of 2020 with its highest recorded quarterly revenue, putting us in a strong position coming into 2021. In 2021, we are confident of more than doubling the 25% revenue growth rate that we achieved in 2020. The drivers for this include accelerating the roll out of Rizikon Pro, an out-of-the-box version of our supplier assurance platform, launched in July 2020, and already being used by over 100 organisations. Additionally, in 2021 we will be focusing on securing major consulting clients, adding to our cyber security product portfolio, and expanding internationally.”
The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 8460
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem
Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341
Claire Louise Noyce
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About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting. The Group’s specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group’s aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword’s leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers. Nixer CyberML, Crossword’s most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks. Crossword’s team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients’ business needs.