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Alphawave’s full-year results are delayed

Remember Alphawave?

In 2021, the Toronto-based semiconductor IP company was issued on the LSE to great acclaim, with some comparisons between the business model of its light capital and former stock exchange darling ARM. The valuation, at £ 3bn for a company with a low revenue of just £ 40m, matched the hype.

Then everything becomes a bit pear-shaped. Four months after listing in May, the stock was up Cut in half After FT Alphaville revealed Close relationship and not exposed Between her and some of her key clients. Since then, the stock has been silenced, even after it Announced in March That it bought the IP business with high-speed connectivity OpenFive for $ 210 million

That is, until RNS landed on Thursday morning regarding the results of its upcoming full year to 2021. From the publication:

London, UK & Toronto, Ontario, Canada, April 14, 2022 – Alphawave IP (LN: AWE, ‘the company’), a world leader in high-speed connectivity to global technology infrastructure announces that it will report its full-year results on April 29, 2022. The results will also include a trade update for the first quarter of 2022. Reporting date April 29, 2022 Represents a short one-week delay and no further delays are expected.

Due to the absences of COVID-related teams, the company’s auditor, KPMG LLP, requested additional time to complete their procedures.

Despite the seemingly innocent nature of this delay, it’s fair to say, with the stock falling 15% to 157p in today’s trading, it’s clear the market is a bit nervous about Alphawave’s first sought – after results for an entire year.

To give you a sense of how focused investors are on relationships with the related parties of the company, Alphawave feels the need to reveal this:

Related party revelations

KPMG LLP is not a related party of Alphawave IP. All parties involved in this press release have been exposed in the past.

Good to cover all bases, we guess.

Related links:
Alphawave: Strange contracts of the ARM wannabe are closed – FT Alphaville
Alphawave shares are down more than 50% after the FT report – FT

Alphawave’s full-year results are delayed Source link Alphawave’s full-year results are delayed

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