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on June 11th

UK chip design company Sondrel's sale of 49.2% stake approved by the government

UK chip design company Sondrel Holdings plc (referred to as "Sondrel") has obtained government approval to sell 49.2% of its shares to ROX Equity Partners Ltd. (referred to as "ROX").

ROX is a UK based private equity investment holding company that has subscribed to over 56 million shares worth 10 pence per share, raising £ 5.6 million for Sondrel as part of the company's refinancing plan. Previously, Sondrel CEO Graham Curren resigned due to the company's restructuring. According to the UK's National Security and Investment Act 2021, this plan requires approval from the Secretary of State.

Sondrel reported in a regulatory document that the plan was approved by shareholders in May, and therefore, after obtaining regulatory approval, the subscribed shares are expected to be traded in the alternative investment market at 8:00 am on June 13th.

Sondrel stated that the loan previously provided by ROX will automatically be converted into 28746000 new shares at an issue price of 10p when the subscribed shares are traded on AIM. With the addition of subscription shares, ROX will own 85 million shares out of 172461772 already issued, which is 49.2% of the shares in the chip design company.

Sondrel stated that after the IPO, Nigel Vaughan will resign as chairman, David Mitchard will take over, and John Chubb will become the company's CEO.

It is understood that Sondrel was founded in 2002 and provides leading design ASIC consulting services from architecture exploration to bulk packaging of silicon chips. It was launched through AIM in October 2022.

Sondrel designs chips for technology brands such as Apple (iPhone), Sony (PlayStation/smartphone), Meta (Oculus), Samsung (smartphone), Google (smartphone), JVC (professional camera), Tesla, and Mercedes Benz. The company has offices in the UK, USA, China, India, and Morocco.

In the first half of 2023, Sondrel's revenue was £ 9.3 million, with a pre tax loss of £ 2 million. Subsequently, the production of a first tier automotive customer was postponed until the end of 2023, and the company had to deal with cash flow challenges. Analysts unanimously predict that Sondrel will achieve revenue of £ 13 million in the 2023 fiscal year, with an adjusted pre tax loss of £ 6 million.

On January 10, 2024, Sondrel announced that due to delays, approximately £ 2.7 million in revenue related to the automotive project will not be recognized in the 2023 fiscal year. Sondrel also stated that it expects a revenue of approximately £ 10 million for the 2023 fiscal year, which will have a corresponding impact on the pre tax loss for the 2023 fiscal year.

On February 5th, Sondrel announced that it had received £ 1.5 million in cooperation with its automotive first tier customers and was able to pay salaries and certain creditor payments delayed in December 2023 and January 2024.

Afterwards, ROX agreed to provide Sondrel with value convertible loans related to upcoming fundraising activities.
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