Brief: Urb-It To Scale Down Ops, Working Towards Securing Sufficient Funding

Urb-it AB (publ)

17/11/2023 15:37

Nov 17 (Reuters) - Urb-it AB (publ)  URBIT.ST :
    * ANNOUNCES STRATEGIC REFOCUSING AND CAPITAL REQUIREMENTS TO ENSURE SUCCESS IN A CHALLENGING
MARKET
    * WILL SCALE DOWN ITS OPERATIONS FROM CURRENT 13 CITIES
    * TO FOCUS ON FOUR KEY CITIES LONDON, PARIS, MADRID, AND BARCELONA
    * CHANGE TO REDUCIE INDIRECT DELIVERY COST AND OPERATING EXPENSES BY OVER 30% IN 2024,
EQUIVALENT
TO ABOUT SEK 35 MILLION, WHILE AT SAME TIME RETAINING OVER 80 % OF CURRENT VOLUME
    * IS WORKING TO SECURE SUFFICIENT FUNDING TO SECURE CAPITAL NEEDS VIA CAPITAL RAISE OR
OTHERWISE
    * WILL COMMUNICATE FURTHER DETAILS REGARDING CAPITAL RAISE AND ITS SCOPE AT A LATER DATE

Source text for Eikon:  ID:nBQN4LwM4H 
Further company coverage:  URBIT.ST 

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