EQS-Adhoc: Marinomed Biotech AG applies for court restructuring proceedings without self-administration
EQS-Ad-hoc: Marinomed Biotech AG / Key word(s): Insolvency/Restructure of Company
Marinomed Biotech AG applies for court restructuring proceedings without self-administration
13-Aug-2024 / 23:04 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Korneuburg, Austria, 13. August 2024 – Marinomed Biotech AG (VSE:MARI) announces to apply for the initiation of court restructuring proceedings. The aim is to carry out restructuring proceedings without self-administration.
As a result of the inability to raise funds required at short notice to secure the Company’s liquidity, insolvency is imminent. As announced, revenue expectations for the 2024 financial year could not yet be realized as planned. Aim of the restructuring proceedings without self-administration is to sustainably secure the Company’s financial stability according to a restructuring plan. For this purpose, besides restructuring measures, proceeds including from the realization of strategic options regarding the Carragelose business are intended to be used. The publication of the half-year financial statements planned for August 20, 2024, has been postponed.
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As a result of the inability to raise funds required at short notice to secure the Company’s liquidity, insolvency is imminent. As announced, revenue expectations for the 2024 financial year could not yet be realized as planned. Aim of the restructuring proceedings without self-administration is to sustainably secure the Company’s financial stability according to a restructuring plan. For this purpose, besides restructuring measures, proceeds including from the realization of strategic options regarding the Carragelose business are intended to be used. The publication of the half-year financial statements planned for August 20, 2024, has been postponed.
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End of Inside Information
13-Aug-2024 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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1967439 13-Aug-2024 CET/CEST