21st Apr 2020 08:31
(Alliance News) - Crossword Cybersecurity PLC on Monday said it raised GBP1 million through a placing and subscription of shares at 230 pence each.
The stock was untraded early Tuesday morning in London, last quoted at 308.00p each. It has a GBP14.5 million market capitalisation.
The technology commercialisation company said it placed 363,617 shares at 230p each, raising GBP836,319. Additionally, Chief Executive Tom Ilube subscribed for 73,914 shares at the same price, for another GBP170,002.
Crossword Cybersecurity said the fresh cash will be used to aid business growth over the next year.
"Our pipeline is standing at approximately GBP6 million split between both products and consulting and these funds will enable us to continue to drive business growth over the next 12 months," said Ilube.
Following admission of the new shares, Crossword will have 5.1 million shares in issue.
Separately, the company said that while the Covid-19 outbreak has resulted in the delay of some of its client contracts, it has seen increased levels of activity for other clients due to the growing importance of cybersecurity. It noted that its Rizikon Assurance product pipeline continues to grow, representing almost GBP4 million out of its GBP6 million pipeline, adding that it is currently engaged in several large-scale bids.
Rizikon Assurance is Crossword Cybersecurity's risk management platform
By Ife Taiwo; [email protected]
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