RNS Number : 4511N

Alphawave IP Group PLC

29 September 2021

Alphawave IP Group plc 29 September 2021


Alphawave IP Group plc (LSE: AWE, "Alphawave IP", the "Company") notes the fall in share price today following an article in today's the Financial Times.

The article in the Financial Times asserts that the company has not adequately disclosed its related party transactions, including VeriSilicon.

Alphawave IP signed a $54 million multi-year exclusive subscription reseller agreement with VeriSilicon in February 2021 prior to its IPO.

VeriSilicon is one of the largest and most well-known ASIC and silicon IP providers globally and is a key partner in helping to accelerate Alphawave IP's go to market strategy. Alphawave IP has not recognised any revenues from that transaction to date. All related party transactions have been properly disclosed in our IPO prospectus and in our interim results which were released last week.

John Lofton Holt, Executive Chairman of Alphawave IP, said:

"Alphawave IP is committed to strong governance and transparent reporting. We were delighted to report first half numbers on 21(st) September and upgraded the guidance given at our IPO. The results demonstrate the company's strong execution globally with the largest and most sophisticated chip companies and hyperscalers in the world. Our deal with CPP is progressing according to plan and we look forward to closing another strong quarter and to reporting further progress in the coming weeks."

Contact Information

 Alphawave IP Group   John Lofton Holt, Executive                  ir@awaveip.com 
  plc                  Chairman                              +44 (0) 20 7717 5877 
                       Daniel Aharoni, CFO 
-------------------  ----------------------------  ------------------------------ 
 Brunswick Group      Sarah West                             +44 (0) 20 7404 5959 
                       Daniel Holgersson             alphawave@brunswickgroup.com 
===================  ============================  ============================== 

About Alphawave IP Group plc (LSE: AWE)

Faced with the exponential growth of data, Alphawave IP's technology serves a critical need: enabling data to travel faster, more reliably and with higher performance at lower power. Alphawave IP is a global leader in high-speed connectivity for the world's technology infrastructure. Our IP solutions meet the needs of global tier-one customers in data centres, compute, networking, AI, 5G, autonomous vehicles and storage. Founded in Toronto, Canada in 2017 by an expert technical team with a proven track record in licensing semiconductor IP, our mission is to focus on the hardest-to-solve connectivity challenges. To find out more about Alphawave IP, visit awaveip.com

Alphawave IP's LEI Number: 213800ZXTO21EU4VMH37.

Alphawave IP and the Alphawave IP logo are trademarks or registered trademarks of Alphawave IP Group plc. All other trademarks or registered trademarks mentioned herein are held by their respective companies. All rights reserved.

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(END) Dow Jones Newswires

September 29, 2021 13:06 ET (17:06 GMT)

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