Crossword Cybersecurity – “Financial Update and Proposed Asset Sale”, hopefully my prior warnings were heeded!

I first wrote on cyber security services business Crossword Cybersecurity (CCS) in July 2022 concluding, with the shares then at 29p to give a £21.9 million market cap, including that I could see why it could be desperate for a bit more cash and to avoid/sell. I most recently wrote on it last month concluding, though the shares by then down towards 3p, that including with clear financial position concerns and half-year financial details that seemingly dare not speak their name, natch still avoid/sell. What then of today a “Financial Update and Proposed Asset Sale” announcement?

Crossword Cybersecurity (#CCS) – believes needs to raise up to £0.6 million “within the next six weeks”, to seek sale of business and assets

Crossword Cybersecurity – seeks increased borrowings shareholder approval… having omitted to ask previously and breached its limit!

Crossword Cybersecurity (CCS) has announced a General Meeting for an increased borrowing limit. That this is required from already the greater of £4.5 million and 20% of adjusted Capital and Reserves and from a £4 million market cap on the announcement doesn’t encourage and the shares have currently responded approaching 14% lower towards 3p. And there’s more…

Crossword Cybersecurity (#CCS) – Anthony Clayden appointed part-time Head of Finance, good luck chap!

Crossword Cybersecurity – why really “CFO resignation” and “cost reductions”?…

Cybersecurity business Crossword (CCS) has announced it “taking over £1.2m out of the company's cost base on an annualised basis… as part of its continuing drive towards breakeven” and the resignation of Chief Financial Officer Rose Clark “having completed… a number of major projects”. So progress as it expected then, or is it?

Crossword Cybersecurity (#CCS) – CFO Rose Clark resigns with immediate effect and notes cost reductions

Crossword Cybersecurity – I having warned in a still-challenging financing environment, what about its now “Equity fundraising”?

There’s an “Equity fundraising incl. Director's subscription”-titled announcement from ‘cyber strategy and risk’-focused Crossword Cybersecurity (CCS) today commencing that the company “is pleased to announce that it has raised gross proceeds of approximately £500,500”. So what of a current more than 23% lower share price response to 5.25p?

Crossword Cybersecurity (#CCS) – placing for just £0.5005m at 5p per share

Crossword Cybersecurity – argues “a potentially transformational partnership”. Er, when’s the ‘anticipated fund raise’?

Crossword Cybersecurity (CCS) has issued a “Rizikon Partnership with Global Defence Company”-titled announcement and its shares are currently more than 50% higher in response at 6.25p. So what’s the detail here?

Crossword Cybersecurity – after in November “firmly committed to achieving profitability without needing to raise additional capital”, now loan notes issuance!

Crossword Cybersecurity (CCS) has announced “it has entered into agreements for five year, unsecured, convertible loans to the value of £275,000… to provide additional working capital as the company focuses on achieving EBITDA and cash breakeven in the second half of 2024”. Hmmm, just stating “focuses” on something far from means that it will actually be achieved and how sufficient is £275,000?

Crossword Cybersecurity – after “trading update” cash position that dare not speak its name, what of a “Partnership” RNS Reach announcement?

Crossword Cybersecurity (CCS) has announced that it is “very pleased” to have finalised an agreement with New York Stock Exchange-listed TD Synnex (NYSE - SNX) and “to amplifying the reach and exposure of Trillion through the distributor's vast network”. So what of currently a share price response to 4.25p, 17.5% lower?

Crossword Cybersecurity warns again: Shares down investors a’cross, anyone invested really does not have a clue

Acquisitions to drive growth. Placings to fund losses. And yet more losses. The clues are there and, as young Steve Moore has warned you frequently, Crossword (CCS) is a share you really don’t need to own. 14 months ago there was a fund raise at 21.7p. Today after the latest warning the shares are just 8.5p. Ouch.

Crossword Cybersecurity – loan notes for “working capital” or for (limited) bailout funding?…

Crossword Cybersecurity (CCS) has announced “it has entered into agreements for five year, unsecured, convertible loans to the value of £230,000”. Hmmm – that sounds like bailout funding and would not last for long, so what’s the detail and background with the shares in the company currently at 8p?

Crossword Cybersecurity (#CCS) – issuance of £0.23m, 12% interest, loan notes convertible at 8.75p per share

Crossword Cybersecurity – “Launch of Ransomware Readiness Assessment Service”, attempted ramptastic?

Crossword Cybersecurity (CCS) has announced the launch of a service which “helps organisations reduce their exposure to ransomware attacks, provides detailed assessments on areas requiring protection and recommends how they should respond to attacks” – noting it is with that “today ransomware attacks are endemic across all industry sectors - the speed of response and lowering the risk of an attack are everything”. So what of the shares still down at 10.5p?

Crossword Cybersecurity – after previously stating it was “strengthening its working capital… on the back of a positive H1”, a discounted placing (natch!)

Previously writing on Crossword Cybersecurity (CCS), in July with the shares at 29p I questioned “a positive H1” and stated that I can see why it could be desperate for some more cash. Today it “is pleased to announce that it has completed an oversubscribed fundraising by Hybridan LLP of approximately £3.6 million (gross)”. How pleased should it be though?

Crossword Cybersecurity (#CCS) – £3.6m placing at 21.7p per share

Crossword Cybersecurity – ‘strengthening working capital on the back of a positive H1’. Really?

Crossword Cybersecurity (CCS) states that it “is pleased to confirm the completion of additional convertible loan notes on the same terms as the extension of the convertible loan notes already in issue… £550,000 of additional loan notes”. So what’s the trading position here compared to a current 29p share price, £21.9 million market cap?

Crossword Cybersecurity (#CCS) – acquisition of ‘threat intelligence company’ Threat Status for £1.529m

Crossword Cybersecurity (#CCS) – 2021 revenue “at the lower end of market expectations”, heads of terms to acquire cyber threat company