Update

Satsuma Technology PLC (LSE: SATS), the UK Main Market listed Bitcoin treasury company, notes that it has received representations from a group of shareholders representing in excess of 20% of the Company's issued share capital requesting that resolutions be put to shareholders to effect a return of all or a substantial proportion of the Company's capital.

In order to allow all shareholders the opportunity to consider and vote on the matters raised, the Board intends to convene a General Meeting as soon as practicable at which the relevant resolutions will be put. The Board notes that any resolution to effect a return of capital will require the approval of not less than 75% of the votes cast and that the return of capital itself can only be implemented following an application to the Court in the United Kingdom to create the necessary distributable reserves.

A circular convening the General Meeting, setting out the resolutions in full and the Board's recommendation to shareholders, will be published as soon as practicable. The circular will set out in detail the Board's view of the various alternatives available to the Company.

The Board confirms that the Company continues to operate normally with a continued focus on further cost reduction, and that its Bitcoin treasury and operational activities are unaffected by the convening of a General Meeting. Shareholders are advised to take no action at this time and to await the circular.

Further announcements will be made as appropriate.