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Trackwise Provides Updates on OEM Supplier Nomination, Sale of SCL
July 21, 2023 | TrackwiseEstimated reading time: 1 minute
Trackwise Designs plc, a leading manufacturer of specialist products using printed circuit technology, announces an update on progress towards supplier nomination for a prospective OEM end customer.
Nomination Update
After working with a Tier-1 for more than a year on the opportunity to supply Cell Connection System FPCAs to the Tier-1, for onward assembly and supply to OEM B, Trackwise has been informed by the Tier-1 that the Tier-1 has not been successful in obtaining nomination from OEM B.
As a result the Board is reviewing all options for TWD, and a further announcement will be made shortly.
Delay of Results
In accordance with Rule 19 of the AIM Rules for Companies, the Company was required to publish its 2022 Annual Report by 30 June 2023. The Company previously announced that it expected to publish the 2022 Annual Report during July 2023. As a result of the above news regarding nomination for OEM B, publication of the 2022 Annual Report will be further delayed. Accordingly, trading in the Company's ordinary shares on AIM will remain suspended at this time.
The SCL Sale Process
Further to the announcement on 3rd May, a sales agent for the SCL Sale Process has been appointed and the process is underway. Initial offers have been received and are being assessed.
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