Business
Terms of Warrants Consultation and Trading Update
Terms of Warrants Consultation and Trading Update.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n\n29 November 2023\n \nThis announcement contains inside information\n \nXeros Technology Group plc\n('Xeros\", the \"Company\" or the \"Group\")\n \nConsultation on Amendment to Terms of Warrants and Trading Update\n \nXeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, today provides an update on outstanding Warrants and an update on trading to date in the full year to 31 December 2023 (\"FY23\" or \"Period\").\n \nWarrants\n \nThere are currently in issue 127,192,846 Warrants to subscribe for ordinary shares, which were issued in October 2022 as part of the fundraise undertaken by the Company at that time. These Warrants can be exercised at a price of 5p and are due to lapse on 21 April 2024. Following requests from certain Warrant holders, the Board is currently exploring the possibility of amending the terms of these Warrants with a view to bringing additional capital into the business in the near-term in a cost-effective manner. Further announcements will be made following the Board's review.\n \nTrading update\n \nAdjusted EBITDA1 for FY23 is expected to be in line with market expectations2 as a result of continued focus on cost control. The revenue for the Period is dependent on the timing of a specific XOrb shipment delivery date to one of the Group's licence partners. The final timing of this delivery, either during FY23 or post Period-end will determine whether or not FY23 revenue will be in line with market expectations. Delivery of this order during FY23 would see the Group's performance ahead of expectations at the Adjusted EBITDA level.\n \nThe Group anticipates that the year-end cash balance will be in line with market expectations2, subject to the timely receipt of an R&D tax credit payment of approximately £0.5m from HMRC, which is anticipated to be received before the year end.\n \nNeil Austin, CEO said:\n \n\"We are delighted that the business continues to perform as expected. We would also to thank our shareholders for their continuing and proactive support, in what is an important year in Xeros' transition to break-even.\"\n \n\n\n\n\n1\n\n\nAdjusted EBITDA losses are defined as the loss on ordinary activities before interest, tax, share-based payment expense, ...