RE: USA wants out of Taiwan, UK is best partner5 Feb 2024 11:37
Sondrel (AIM: SND), a leading provider of ultra-complex chips for leading global technology brands, is pleased to confirm that it has received £1.5 million of payments in relation to the material turnkey ASIC engagement with its automotive Tier 1 supplier in January 2024, further to the announcement of 10 January 2024.
As a result, previously deferred December 2023 Group payroll has been met along with January 2024 Group payroll and certain creditor payments. Discussions with the customer over resolution of the funding for the project extension continue and additional payments are expected in the coming months, assuming completion of the 'tapeout' milestone and including the balance of £0.2 million.
Significant new ASIC business opportunities are in final negotiation for project start in early 2024 and indications remain encouraging that European and US market demand for Sondrel's turnkey ASIC services is strong.
long time to sort this out