REG - Crossword Cybersec - £3.6m Fundraising

Crossword CybersecurityAnnouncement

23/09/2022 07:00

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RNS Number : 3797A  Crossword Cybersecurity PLC  23 September 2022

Crossword Cybersecurity Plc

£3.6m oversubscribed Fundraising

23 September 2022 - London, UK Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (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 £3.6 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 £2m 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
(http://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 £4m.
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 £6m."

 

- 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/
(https://www.crosswordcybersecurity.com/)

 

 

 

 

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