ANPCF - Angle to close Canadian facilities to increase cash runway
- Angle ( OTCQX:ANPCY ) said Tuesday that it plans to close its Canadian facilities, to streamline its operations and increase its cash runway.
- The company said it will close facilities in Toronto in an orderly wind down, and retains its facility in Pennsylvania as a central hub for North American activities.
- The company expects cost savings of around £2.6M ($3.0M) in 2023, rising to £4.0M per annum thereafter.
- It expects one-off closure and settlement costs of around £0.5M, and doesn't predict any significant effect on its operations.
- The decision was made because of the increasing cost of operating in Canada due to adverse currency movements, and recent proposed change to U.K. research and development tax credit rules, which would have made overseas R&D costs significantly higher.
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Angle to close Canadian facilities to increase cash runway