Astrocast SA - Financial update and expected de-listing
 
Lausanne, Switzerland, 12 April 2024.
 
As stated in the annual financial statements and the first half report for 2023
for Astrocast SA ("Astrocast" or the "Company"), a material uncertainty exists
that may cast significant doubt about the Company's ability to continue as a
going concern. The Board of Directors and the management are actively working on
a plan to raise new funds and further measures to remedy the over indebtedness
and secure financing of the company for the next 12 months.
 
Discussions are ongoing, but the work has to date not resulted in available
alternatives that can improve the liquidity position of the Company within an
appropriate timeframe. The Company has been reasonably confident that it will be
able to secure funding and establish a plan for continued operations and is
currently continuing its work on this basis. However, the financial situation of
the Company remains critical, and it is urgent to establish a plan to raise new
funds to restore liquidity and further measures to remedy the over indebtedness
of the Company. Attracting additional funding or raise the necessary financing
through collaborations with third parties related to the development and/or
commercialisation of its products, within a short period of time, is critical.
 
Should the Company's lack of funding extend further in time and extend to the
end of April 2024, the Company will move towards a situation where the Board of
Directors must assess its obligations to close down operations.
 
Discussions with certain interested parties are ongoing. During these
discussions the Company has unfortunately experienced that certain investors
that could support the funding do not have it within their investment mandates
to inject capital into publicly traded companies. Not being eligible for such
venture and risk capital contributions is imposing a significant restriction for
the Company in its current financial position. Further, the Company must assess
all cost reducing measures.
 
Based on the above, the Company will pursue a de-listing from its current
admission to trading on the Euronext Growth Oslo platform. Currently, if the
Company cannot be de-listing during a short timeframe, the Company believes it
is likely that it will not be able to obtain necessary funding and as a result
the Company will no longer be suitable for trading. Hence, a de-listing must be
expected in all relevant scenarios. The Company regrets that this may not be
preferred for all shareholders, but considering the alternatives the Company do
believe it provides an option for potentially securing some value for existing
shareholders.
 
The Company continues its work to secure financing and to de-list from Euronext
Growth Oslo, however