Trackwise Designs PLC - Tewkesbury, England-based manufacturer of products using printed circuit technology - Terminates commercial order with an unnamed UK electric vehicle original equipmanet manufacturer customer with immediate effect, following its failure to remedy a breach of a material obligation within 30 days of receiving a notice to do so.
Last October, Trackwise entered a deal with the customer for a fixed quantity of flexible printed circuit boards, due to be delivered through to July 2023. In May this year, the firm then said that delays in the delivery of parts were the liability of the EV OEM customer, due to redesigns by that customer to meet revised requirements. At the end of June, Trackwise told investors it would be unable to complete auditing for its 2022 annual report on time, "due to intense demands upon the entire management team in dealing both with the impact of the EV OEM...and working to secure new business."
Trackwise says it intends to seek full redress for the UK EV OEM's failure to honour the agreed terms of the commercial order.
Trackwise shares are currently suspended from trading.
By Holly Beveridge, Alliance News reporter
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