Trackwise Designs Seeking Redress for Customer's Breach of Commercial Order

Trackwise Designs has announced its intention to pursue full redress for a customer's breach of a commercial order. The customer, a leading electric vehicle original equipment manufacturer in the United Kingdom, failed to address a significant breach within the allotted 30-day period. Consequently, Trackwise Designs was left with no choice but to terminate the order.

In early May, Trackwise Designs informed the manufacturer about a potential delay in the production and delivery of flexible printed circuit boards. The change in control procedure necessitated this notification. At that time, Trackwise Designs also highlighted the manufacturer's failure to fulfill its contractual obligations in good faith. Pursuant to the terms of the commercial order, the manufacturer was given until June 2 to rectify the breach.

Despite ongoing efforts to engage with the manufacturer in good faith, Trackwise Designs revealed on June 30 that the manufacturer had not demonstrated a willingness to address the breach adequately. However, Trackwise Designs remains committed to resolving the issue in good faith.

Regrettably, Trackwise Designs announced on Friday that the publication of its 2022 annual report would be delayed as a result of unforeseen challenges in completing the audit process. Furthermore, the company anticipates that its losses for the year will have increased. Consequently, trading of Trackwise Designs shares has been suspended until further notice due to the missed reporting deadline.