KULR Announces Expiration of SEPA Facility and Compliance with NYSE Guidelines on Audit Opinion Disclosure

KULR Technology Group, Inc.
KULR Technology Group, Inc.

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SAN DIEGO, June 03, 2024 (GLOBE NEWSWIRE) -- 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.