AQRU plc - Operational Update
RNS Number : 2590H
AQRU plc
23 November 2022
 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Press Release

 

23 November 2022

 

AQRU PLC

 

("AQRU" or "the Company")

 

Operational Update

 

AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in decentralised finance, today announces it has conducted an operational review designed to make it a leaner, more efficient business amid the volatile conditions in the cryptocurrency and digital assets markets.

 

Further to the Company's measures to streamline its cost base announced on 29 July, which included the rationalisation of suppliers and reducing the number of staff, AQRU has identified an additional opportunity to strengthen its balance sheet by downsizing its employee base to 25% of its current size.

This will enable the Company to reduce its monthly overhead by 65%.

 

Furthermore, the Company announces that yields offered by Accru Finance Ltd, AQRU's wholly owned subsidiary, on its cryptocurrency trading app, are being reduced to a maximum of 3 per cent on its Maple product. Bitcoin and Ethereum deposits will no longer accrue interest. These changes will become effective immediately and are in line with the Company's low-risk approach. All customer assets currently held in the AQRU platform are protected and available for withdrawal as normal. The Company is considering all strategic options with regard to its investment in the AQRU app.

 

Operating Businesses  

 

Despite the challenging market conditions, the Company's other operating businesses continue to perform in line with expectations. Given recent market turmoil and the call for transparency and increased regulation across the digital asset industry, we remain well positioned to capitalise on this shift.

 

The Directors of AQRU plc take responsibility for this announcement.

 

For further information, please contact:

 

AQRU


Philip Blows

Chief Executive

via Tancredi +44 207 887 7633

Tennyson Securities


Corporate Broker

Peter Krens

 

+44 207 186 9030

First Sentinel


AQSE Corporate Adviser

Brian Stockbridge

+44 203 989 2200

Tancredi Intelligent Communication

Media Relations


Gabriela Amaya Garcia

Charlie Hobbs

AQRU@tancredigroup.com

+44 7915 035 294

+44 7897 557 112

 

 

About AQRU plc:

AQRU is an incubator specialising in opportunities in decentralised finance (DeFi), a disruptive technology using blockchain and cryptocurrencies to remove financial intermediaries from transactions, creating a cheaper, more efficient and more secure way of providing financial services. Listed on the Aquis Exchange in London, we apply our expertise to the business operations and strategic plans of FinTech companies in the UK, USA and Canada, and act as an accelerator for start-ups and early-stage companies. www.aqruplc.com

 

Notes:

This document contains forward-looking statements which are subject to known and unknown risks and uncertainties because they relate to future events, many of which are beyond the Company's control. These forward-looking statements include, without limitation, statements in relation to the Company's financial outlook and future performance. No assurance can be given that future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Company.

 

You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. The Company undertakes no obligation to update or revise any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances. Nothing in this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of the Company or the Group or their businesses.

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