15 July 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 confirm the completion of additional convertible loan notes on the same terms as the extension of the convertible loan notes already in issue as referred to in the Trading Update of 13 July 2022.
£550,000 of additional loan notes, with an expiry date of 14 July 2025, have been issued to strengthen the working capital requirements of the Company. Other than the conversion price, the additional loan notes have the same terms as the original loan notes. The conversion price of the additional loan notes is 26.1p, being the closing price on 14 July 2022 of 29p less 10 per cent.
In order to ensure the aggregate principal amount borrowed by the Group remains within the prescribed borrowing limit, £225,000 of current loan notes have been prepaid. Accordingly, the value of convertible loan notes is now £1,875,000, with £225,000 of that expected to be repaid in December 2022 and January 2023.
Tom Ilube, CEO of Crossword Cybersecurity Plc, commented: “On the back of a positive H1 2022 trading update earlier this week, it is pleasing that Crossword is being supported in strengthening its working capital with the extension of current convertible loan notes and issue of additional convertible loan notes with new investors in Crossword."
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.
Crossword Cybersecurity plc – Tel: +44 (0) 333 090 2587
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
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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 strategyand 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/