Sondrel Holdings PLC - Reading, England-based semiconductor design services firm - Concludes negotiations with a supplier in respect of existing and future supply arrangements under an addendum to an existing supply contract.
Under the addendum, contract minimum utilisation levels have been reduced to bring them in line with the company's current license usage rates until 2025 and are expected to increase thereafter in line with usage over the life of the contract as Sondrel scales. Payments will be made quarterly according to utilisation and licence bundles drawn down. Historical license fee liabilities currently owed by the company to the supplier are to be paid in equal monthly instalments of USD200,000 up to April 2027 and total cash payments to the Supplier are expected to not exceed USD1.9 million in 2024.
Current stock price: 11.20 pence
12-month change: down 80%
By Sophie Rose, Alliance News senior reporter
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Sondrel Plc (SND)