KULR Announces Expiration of SEPA Facility and Compliance with NYSE Guidelines on Audit Opinion Disclosure
June 03 2024 - 8:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today announced that it will not be extending its
Standby Equity Purchase Agreement (“SEPA”), with YA II PN, LTD.
("Yorkville"), which terminated on June 1, 2024. Furthermore, the
Company confirms that it has retired all outstanding debt owed to
Yorkville.
This marks a significant milestone for KULR as it executes its
strategic initiatives, reduces its cash consumption, and otherwise
strengthens its financial condition.
Compliance with NYSE Guidelines on Audit Opinion
As previously disclosed in the Company’s Annual Report on Form
10-K for the year ended December 31, 2023, which was filed on April
12, 2024, with the Securities and Exchange Commission, the audited
financial statements contained an unqualified audit opinion from
its independent registered public accounting firm that included an
explanatory paragraph related to the Company's ability to continue
as a going concern. This announcement is being made solely to
comply with the NYSE American LLC Company Guide Section 610(b),
which requires public announcement of the receipt of an audit
opinion containing a going concern paragraph. This announcement
does not represent any change or amendment to the Company's audited
financial statements or to its Annual Report on Form 10-K for the
year ended December 31, 2023.
Stronger Balance Sheet
KULR’s management believes the Company’s balance sheet
improvement efforts are proving successful. Chief Financial
Officer, Shawn Canter, commented, “Having repaid the SEPA prepaid
advance in March, recent meaningful reductions in short-term debt
and trade debt, and anticipated repayment of the outstanding
merchant advances in the next several months, KULR’s balance sheet
is stronger than it has been in some time.”
Canter further noted KULR’s efforts to reduce cash consumption
from operations. “KULR has made a concerted effort to reduce its
cash used from operations as part of progressing toward a stronger
balance sheet. Our CEO, Michael Mo, has even taken a salary
reduction in exchange for equity as evidence of his faith in the
Company’s strategy and progress.”
About KULR Technology Group, Inc.KULR
Technology Group Inc. (NYSE American: KULR) is a leading energy
management platform company offering proven solutions that play a
critical role in accelerating the electrification of the circular
economy. Leveraging a foundation in developing, manufacturing, and
licensing next-generation carbon fiber thermal management
technologies for batteries and electronic systems, KULR has evolved
its holistic suite of products and services to enable its customers
across disciplines to operate with efficiency and sustainability in
mind. For more information, please
visit www.kulrtechnology.com.
Safe Harbor StatementThis press release does
not constitute an offer to sell or a solicitation of offers to buy
any securities of any entity. This release contains certain
forward-looking statements based on our current expectations,
forecasts and assumptions that involve risks and uncertainties.
Forward-looking statements in this release are based on information
available to us as of the date hereof. Our actual results may
differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Form 10-K filed with the Securities and Exchange
Commission on April 12, 2024, as may be amended or supplemented by
other reports we file with the Securities and Exchange Commission
from time to time. Forward-looking statements include statements
regarding our expectations, beliefs, intentions, or strategies
regarding the future and can be identified by forward-looking words
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should,” and “would” or similar words. All
forecasts are provided by management in this release are based on
information available at this time and management expects that
internal projections and expectations may change over time. In
addition, the forecasts are entirely on management’s best estimate
of our future financial performance given our current contracts,
current backlog of opportunities and conversations with new and
existing customers about our products and services. We assume no
obligation to update the information included in this press
release, whether because of new information, future events or
otherwise.
Investor Relations:KULR Technology Group,
Inc.Phone: 858-866-8478 x 847Email: ir@kulrtechnology.com
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