Microsaic Systems Announces Cost-Reduction Plan
Microsaic Systems, a UK technology company, has made the difficult decision to lay off all staff and delist its shares as part of a significant cost-reduction plan. Despite these actions, the company will continue as an operating business and will have access to sufficient resources to maintain current production.
Failed Attempts to Strengthen Balance Sheet
After failed discussions to explore alternatives for strengthening its balance sheet, such as a fundraise, Microsaic Systems concluded that this cost-reduction plan was necessary. The company is not currently in a position to restore share trading before the delisting takes effect. Share trading has been suspended since June when the group missed the deadline to publish its 2022 earnings.
Company's Vision for the Future
Chairman Bob Moore expressed gratitude for the contributions made by all staff members to the development of the company and its new technologies and services. He emphasized that the cost reductions are essential to ensure the continuation of the company and to maximize future value from their significant investments of time and money.
Financial Status
Microsaic Systems reported having approximately £160,000 ($195,248) in cash as of November 1. The company has no outstanding debts.
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