AQRU plc - Operational update
RNS Number : 7947M
AQRU plc
16 January 2023
 

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

 

16 January 2023

 

AQRU PLC

 

("AQRU" or "the Company")

 

Operational update

 

AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in decentralised finance (DeFi), announces that it has carried out a further operational review aimed at identifying opportunities to streamline its business and improve its resilience amid continued volatile conditions in the cryptocurrency and digital assets markets.

 

Further to its operational review announced on 23 November 2022, which reduced overhead costs, AQRU has identified further opportunities to improve efficiency. AQRU's wholly owned subsidiary, Accru Finance Ltd. ("Accru Finance"), is raising the threshold for minimum account deposits on its AQRU app to US$250,000 from 1 February. This will enable the Company to focus on servicing customers that are less sensitive to market volatility than retail investors, particularly high net worth individuals and institutional investors. Customer accounts below the threshold will be offboarded and have their account balances refunded in full by the Company. The Company expects there will be a significant reduction in the value of assets held on the AQRU app, but a minor reduction in revenue.

 

AQRU has identified an additional opportunity to further lower headcount and operational costs and strengthen its balance sheet by discontinuing Accru Finance's index strategies for cryptocurrencies. The change will take effect on or about 1 February and is in line with Accru Finance's increased focus on offering services to high-net-worth individuals and institutional investors.

 

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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