Published: July 10, 2023 at 3:22 AM ET
by Joe Hoppe
Crossword Cybersecurity said Monday it will need to raise additional capital by the end of the year and called a shareholder meeting to obtain approval to allow it to take on up to £4.5m ($5.8m) of debt.
The cybersecurity firm said it needs to raise more capital to keep pushing towards breakeven…
by Joe Hoppe
Crossword Cybersecurity said Monday it will need to raise additional capital by the end of the year and called a shareholder meeting to obtain approval to allow it to take on up to £4.5m ($5.8m) of debt.
Cybersecurity firm needs to raise more capital as it continues to make progress towards cash breakeven, but its Articles of Incorporation limits borrowing to £2m and current borrowing has reached its limit said that
The company plans to convene a meeting on July 27 to seek amendments to terms for future increases, which could include convertible bonds.
“The directors unanimously agreed that it would be in the best interest of the company and its shareholders as a whole to amend the Articles of Incorporation to allow the Group to borrow £4.5 million plus 20 per cent of its adjusted capital and reserves, whichever is greater. We agree that it will be of benefit to
Management has urged shareholders to unanimously vote in favor of the resolution, saying they intend to do so with their own shares, which represent 15.9% of the company’s voting power.
Shares were down half a pence, or 6.25%, at 7.5 pence at 0715 GMT.
Email Joe Hoppe (joseph.hoppe@wsj.com).
