Spindex, on March 28, announced that its plant in Shanghai, China, will be closed temporarily, as directed by the local authorities.
The city will be undergoing a lockdown in two stages as Covid-19 cases spike.
According to Spindex, its supply chain and customers that are exposed to the closure of the city will be affected as well.
The company is unable to determine any financial impact the closure has at the moment, although the closure is expected to have a negative impact on Spindex’s financial performance for the FY2022.
Shares in Spindex closed flat at $1.10 on March 28.
