Smart Wires Inc.

Smart Wires Technology Ltd Suspends Revenue Guidance, Revises Order Guidance and Seeks to Pursue Strategic Alternative Transactions

October 10, 2022

North Carolina /PRNewswire/ — October 10, 2022 Smart Wires Technology Ltd and its operating subsidiary, Smart Wires Inc. (collectively, the Company) has engaged two advisors to explore strategic alternatives for the Company, including without limitation additional financing to address its liquidity, a business combination, and a sale of the Company.

In addition, the Company is suspending its revenue guidance as it continues to work through supply chain challenges. Specifically, production delays of printed circuit board assemblies have resulted in a shift in the delivery schedule of committed customer orders. The Company expects to deliver the current backlog of $70M over the course of Q4 2022 through Q2 2023.

While the order pipeline continues to expand, intake is slower than expected and as such the Company is also revising its orders guidance to $80M-$100M from previous guidance of $100M-$120M.

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 (901) 687-8314

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-10-10, 22:00 CET

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