Alphawave IP Group PLC ALPHAWAVE SEMI - UPDATE ON AUDIT PROCESS (7909X)
28 Abril 2023 - 1:03AM
UK Regulatory
TIDMAWE
RNS Number : 7909X
Alphawave IP Group PLC
28 April 2023
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ALPHAWAVE SEMI
UPDATE ON AUDIT PROCESS
LONDON, United Kingdom and TORONTO, Ontario, Canada 28 April
2023 - Alphawave IP Group plc (LSE: AWE, the "Company" or
"Alphawave Semi") has today published its preliminary results for
the year ended 31 December 2022.
Although the audit procedures are substantially complete, and
the Company does not expect any changes to the preliminary results,
the Company's external auditor has requested more time to complete
its internal oversight and assurance processes before issuing its
formal audit opinion. The principal reason for this is because of
the additional procedures required in connection with the
first-time audit of the Company as an enlarged group following
three transformational acquisitions over the past year. These
transactions included both whole business acquisitions, carve-outs,
debt financing, and a 366% increase in headcount.
Publication of the audited results is now anticipated to be on
or before 12 May 2023, which falls outside the deadline required by
the Financial Conduct Authority's Disclosure and Transparency Rules
for the publication of audited financial statements. As a result,
the Company will request for the listing of its shares to be
suspended from trading for a brief period from 7.30am on 2 May 2023
until the publication of its audited FY 2022 results.
The Company reiterates both its guidance for FY 2023 and its
long-term guidance. In addition, the Company published its Q1 2023
trading statement this morning, which marked the first time that
bookings have surpassed US$100M in a single quarter.
About Alphawave Semi (LSE: AWE)
Alphawave Semi is a global leader in high-speed connectivity for
the World's technology infrastructure. Faced with the exponential
growth of data, Alphawave Semi's technology services a critical
need: enabling data to travel faster, more reliably and with higher
performance at lower power. We are a vertically integrated
semiconductor company, and our IP, custom silicon, and connectivity
products are deployed by global tier-one customers in data centres,
compute, networking, AI, 5G, autonomous vehicles, and storage.
Founded in 2017 by an expert technical team with a proven track
record in licensing semiconductor IP, our mission is to accelerate
the critical data infrastructure at the heart of our digital world.
To find out more about Alphawave Semi, visit: awavesemi.com.
Alphawave Semi and the Alphawave Semi logo are trademarks of
Alphawave IP Group plc. All rights reserved.
Contact Information
Alphawave Semi John Lofton Holt, Executive ir@awavesemi.com
Chairman +44 (0) 20 7717 5877
Jose Cano, Head of IR
---------------- ---------------------------- -----------------------------
Brunswick Group Simone Selzer alphawave@brunswickgroup.com
Sarah West +44 (0) 20 7404 5959
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Gravitate PR Lisette Paras alphawave@gravitatepr.com
Siddarth Nigam +1 415 528 0468
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April 28, 2023 02:03 ET (06:03 GMT)
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