Satsuma Technology PLC

SATS · Main Market · Consumer Products and Services · mcap £24m · 0.2p 3 open situations →

Satsuma was a small AI company that moved into decentralised AI agents and then a Bitcoin-focused treasury. It is now returning substantially all its capital to shareholders.

Target	Promise	Said	Status
2024
31 Mar 2024	Release digital tie-ins including calendar integration by Q1 2024	2 Nov 2023	✗ Missed
	“Streaks' development of digital tie-ins including calendar integration, which are expected to release in Q1 2024” Also stated 30 Nov 2023 How it developed 2 Nov 2023 Said “digital tie-ins including calendar integration, which are expected to release in Q1 2024” 30 Nov 2023 ✗ Missed “With Streaks' development of digital tie-ins including calendar integration, which are expected to release in Q1 2024, Streaks is well positioned to take...” 30 Nov 2023 Said “Streaks' development of digital tie-ins including calendar integration, which are expected to release in Q1 2024” Result No later announcement reports the calendar integration launching; the company later dropped consumer AI products for a crypto pivot. “With Streaks' development of digital tie-ins including calendar integration, which are expected to release in Q1 2024, Streaks is well positioned to take advantage of the new opportunities ahead and create value for shareholders.”30 Nov 2023 · Half-year Results
2025
1 Sep 2025	Publish unaudited interim statements for period ending 6 August 2025	6 Aug 2025	✓ Kept
	“the Board intends to publish unaudited interim statements for the period ending 6 August 2025” How it developed 6 Aug 2025 Said “the Board intends to publish unaudited interim statements for the period ending 6 August 2025” 1 Sep 2025 ✓ Kept “Satsuma Technology Plc (LSE: SATS), a public company pioneering the convergence of decentralised AI and Bitcoin treasury management, today announces...” Result Interim results to 8 August 2025 were published on 1 September 2025. “Satsuma Technology Plc (LSE: SATS), a public company pioneering the convergence of decentralised AI and Bitcoin treasury management, today announces unaudited interim financial statements for the period from 1 June 2025 to 8 August 2025.”1 Sep 2025 · Half-year Results
30 Sep 2025	Convert convertible loan notes into shares on shareholder and prospectus approval by 30 September 2025	17 Jun 2025	✗ Missed · target changed
	“Automatic conversion on (a) the approval of the requisite shareholder authorities at a specially convened general meeting and (b) the approval of a secondary prospectus resulting in admission to the Main Market” Also stated 27 Jun 2025 How it developed 24 Jun 2025 Said “we will work quickly with our advisors to ensure that the prospectus is advanced with the FCA to ensure that the conversion of these funding rounds into...” 27 Jun 2025 Said “Automatic conversion on (a) the approval of the requisite shareholder authorities at a specially convened general meeting and (b) the approval of a...” 25 Sep 2025 ↻ Changed / dropped “This process, however, will not be completed before 30 September 2025 - the date by which the Company needed to have a prospectus approved for the CLNs to...” 11 Dec 2025 ↻ Changed / dropped “To ensure that the Company has sufficient cash on hand to repay the holders of the convertible loan notes (in accordance with their terms) that have not...” Result Prospectus route replaced by an uplisting process in September 2025; notes were due for conversion or repayment by 31 December 2025, and £78m was due. “This process, however, will not be completed before 30 September 2025 - the date by which the Company needed to have a prospectus approved for the CLNs to convert automatically into CLN Shares.”25 Sep 2025 · Update on Prospectus and discussions with the FCA “To ensure that the Company has sufficient cash on hand to repay the holders of the convertible loan notes (in accordance with their terms) that have not irrevocably committed to convert into Ordinary Shares on the publication of a prospectus in connection with the Uplisting, the Company has sold 579 of its 1199 Bitcoin to realise net proceeds of approximately £40 million.”11 Dec 2025 · Proposed Board changes and sale of Bitcoin
18 Nov 2025	Company has adequate working capital for the next 12 months	18 Nov 2024	✓ Kept
	“the Board of the Company are of the opinion that the Company has adequate working capital for the next 12 months” How it developed 18 Nov 2024 Said “the Board of the Company are of the opinion that the Company has adequate working capital for the next 12 months” 28 Nov 2025 ✓ Kept “Treasury holdings include 1,153.328 Bitcoin plus cash and cash equivalents of approximately £60.6 million as at 31 August 2025” Result Funding of £5m in June 2025 and about £164m of convertible notes followed; cash was £60.6m at August 2025. “Treasury holdings include 1,153.328 Bitcoin plus cash and cash equivalents of approximately £60.6 million as at 31 August 2025”28 Nov 2025 · Unaudited Interim Results
30 Dec 2025	Complete uplisting to Equity Shares (Commercial Companies) category on or before 30 December 2025	25 Sep 2025	✗ Missed
	“Satsuma aims to complete the Uplisting on or before 30 December 2025” Also stated 16 Oct 2025 · 23 Oct 2025 · 28 Nov 2025 · 11 Dec 2025 How it developed 25 Sep 2025 Said “The Company is working diligently to complete the Uplisting on or before 30 December 2025.” 16 Oct 2025 Said “Satsuma aims to complete the Uplisting on or before 30 December 2025.” 23 Oct 2025 Said “Satsuma aims to complete the Uplisting on or before 30 December 2025” 28 Nov 2025 Said “Satsuma aims to complete the Uplisting on or before 30 December 2025” 11 Dec 2025 ✗ Missed “Investors should note that while the Company is working diligently to complete the Uplisting, the Uplisting is subject to approval by the FCA of the...” 11 Dec 2025 Said “the proposed admission of the Company's ordinary shares to listing on the Equity Shares (Commercial Companies) Category of the Official List of the...” 17 Sep 2026 ✗ Missed “In July 2026 an overwhelming majority of shareholders voted for the return of capital and the cancellation of the Company's Listing.” Result No uplisting completed; in 2026 shareholders voted to return capital and delist, and the strategy was abandoned. “Investors should note that while the Company is working diligently to complete the Uplisting, the Uplisting is subject to approval by the FCA of the Company's prospectus and eligibility for admission to the Equity Shares (Commercial Companies) Category of the Official List of the FCA. Therefore, there is no certainty that the Uplisting will proceed or will be completed on or prior to 30 December 2025.”11 Dec 2025 · Proposed Board changes and sale of Bitcoin “In July 2026 an overwhelming majority of shareholders voted for the return of capital and the cancellation of the Company's Listing.”17 Sep 2026 · Final Audited Results
2026
28 Sep 2026	Return substantially all capital to shareholders by 28 September 2026	17 Sep 2026	⏱ Overdue – no update
	“the payments to shareholders expected to be complete by 28 September 2026” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.