05/16/2018 | Press release | Distributed by Public on 05/16/2018 08:52
As previously announced, CybAero has entered into a financing solution with European High Growth Opportunities Securitization Fund ('EHGO') of up to SEK 52.5 million in the form of thirteen convertible loans. The trading in the Company's share is presently halted, which makes it impossible to use any of the funds from EHGO. This leads the company to suspend payments, in the hope that trading will be resumed and that the company accordingly may take part in the financing solution.
Nasdaq had previously informed CybAero that, if nothing unforeseen occurs, they intended to resume trading in the company's share, as soon as the company, after the shareholders meeting on April 26, has published a communique from the shareholders meeting stating that the meeting has resolved in accordance with the aforementioned published information.
The financing solution was resolved by the extraordinary meeting on April 26, 2018 which has also been announced. The financing solution is however subject to that trading in the company' s share is resumed.
CybAero had received a bridge loan from EHGO of SEK 2 million, which should be set off against the first tranche for SEK 4.5 million. Nasdaq did in a meeting with the company as an additional demand state that, in order for the trading to resume, the company must have SEK 1 million in escrow on a bank account. CybAero renegotiated the agreement with EHGO, so that previously acquired bridge loans of SEK 2 million should not be set-off against the first tranche. EHGO has then paid SEK 4 million, which is in escrow on a bank account.
It is CybAero's belief that it has met all Nasdaq's demands to resume trading in the company's shares.
However, Nasdaq has not resumed trading. As a reason for this, Nasdaq has stated that it is investigating possible violations of the stock exchange rules. CybAero has received a copy of the investigation, which contains a number of inaccuracies, probably due to misunderstanding. CybAero has responded in writing to the findings of Nasdaq's investigation.
CybAero needs access to the SEK 4 million on the escrow account, e.g. in order to pay taxes and salaries to employees. As trading in the company's shares is not resumed, CybAero is forced to suspend payments.
CybAero has retained advokat Anders Angelstig to assist with the suspension of payments
CybAero has asked Nasdaq to reconsider its decision and the company hopes that the trading will be resumed so that the company may continue to exist.
However, if trading is not resumed, the entire financing solution will fall. CybAero will then be forced to apply for bankruptcy.