Crossword Cybersecurity Regulatory News (CCS)

Crossword Cybersecurity Plc

£500,500 equity fundraising including Director's subscription

18 July 2024 - London, UK Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the cybersecurity solutions company focused on cyber strategy and risk, is pleased to announce that it has raised gross proceeds of approximately £500,500 through a placing ("Placing") and direct subscription (the "Subscription") (together, the "Fundraise") of 10,010,000 new ordinary shares of 0.5p each in the capital of Crossword ("Ordinary Shares") at a price of 5 pence per Ordinary Share (the "Issue Price").

The Fundraise comprised the Placing of 6,010,000 Ordinary Shares to raise approximately £300,500 from new and existing shareholders, conducted by Hybridan LLP, and the Subscription by the Company's CEO, Tom Ilube, of 4,000,000 Ordinary Shares to raise a further £200,000.

The Company intends to apply proceeds from the Fundraise to provide additional working capital as the Company continues to focus on achieving EBITDA and cash breakeven in H2 2024. The Issue Price represents a 27% discount to the closing mid-price on 17 July 2024.

Admission and Total Voting Rights

Application has been made for the admission of the 10,010,000 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 23 July 2024 ("Admission").

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (the "DTRs"), following Admission, Crossword will have 111,476,867 Ordinary Shares in issue with voting rights attached. Crossword holds no shares in treasury. This figure of 111,476,867 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.

Related party transaction

The Subscription by Tom Ilube constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The Company's Independent Directors, being the Directors other than Tom Ilube, consider, having consulted with the Company's Nominated Adviser, that the terms of Tom Ilube's Subscription are fair and reasonable insofar as the Company's shareholders are concerned.

Director's participation

The beneficial holding of Tom Ilube following Admission of the new Ordinary Shares is set out below:

Further details are set out in the PDMR form below, made in accordance with the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 ("UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Contacts

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Rose Clark, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion™ suite of threat intelligence products, Trillion Breach, Harvista and Arc and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword's ordinary shares are admitted to trading on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.