By Michael Susin
Microsaic Systems said it intends to lay off all staff with effect from Dec. 3 and delist its shares as part of a significant cost-reduction plan.
The U.K. technology company on Friday said the decision comes after talks to find alternatives to strengthen its balance sheet, such as a fundraise, failed.
The company said it will remain as an operating business despite all staff being fired and that it will have access to sufficient resources, including external contractors, to maintain current production.
Microsaic added that it isn’t in position to restore share trading before the delisting occurs. Shares were suspended in the end of June after the group missed the deadline to publish its 2022 earnings.
“The decision to embark on these radical cost reductions has been very difficult, but is the only way to ensure the continuation of the company and seek to return any value in the future from the significant investment of time and money […]. The board is grateful for the contribution that all staff have made to the development of the company and our new technologies and services, particularly during the current difficult period,” Chairman Bob Moore said.
The company said that it has around 160,000 pounds ($195,248) in cash as at Nov. 1 and has no debts.
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