They do need some money soon8 Feb 2024 10:31
News release from Sondrel in Dec 2023:
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.
However, as a consequence of the above delay, the cash position of the Group has further declined during December 2023. The Company has been unable to meet December 2023 payroll in full and therefore the Company's Directors and senior management have agreed to defer their salaries and fees until such time as the delayed funds are received. The Company has asked certain employees to defer on the same basis, and is pleased that in excess of 67% of Group staff have agreed to full deferral, with a significant additional number agreeing to partial deferral.
With a view to managing Group liquidity, negotiations are underway with suppliers to improve the terms of existing supply arrangements. The Group will need to secure additional capital prior to the end of March 2024 to provide a more permanent solution to meet the Company's short-term working capital requirements. However, should the delayed payments not be received through January and February 2024, the Group will need to secure this funding in shorter order.