Spexis AG / CH0106213793
08.11.2023 - 07:15:12Spexis to file an application for a debt-restructuring moratorium
Spexis AG / Key word(s): Strategic Company Decision 08-Nov-2023 / 07:15 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Allschwil, Switzerland, November 8, 2023 Spexis AG (SIX: SPEX) is in the process of filing an application for a debt-restructuring moratorium with the Western District Court of the Canton Basel-Landschaft. As previously reported in various Spexis announcements, SPRIM Global Investments (SGI) has been a repeat investor and debt lender to the Company since February 2023. As of yesterday, Spexis and SGI had been negotiating terms of an additional tranche of financing to continue implementation of the COPILOT study, when Spexis received – without any advance notice that same would be forthcoming - notices from SGI of alleged events of default on various secured loans in the aggregate principal amount of USD 4.5 Mio. which Spexis AG, EnBiotix, Inc. (the wholly-owned subsidiary of Spexis) and Spexis Australia Pty Ltd. have entered into with SGI over the past several months. For its part, Spexis contends that the alleged events of default have not occurred. However, given this development, the Board of Directors has concluded that continuing funding of the ongoing clinical development and research activities with its current cash reserves of approximately CHF 800k is not feasible. Accordingly, and with no other near-term sources of funding being available, the Company shall seek to move into a debt-restructuring moratorium as soon as practically possible. In conjunction with the Company's above announcement and the immediate implementation of restructuring measures, eight Swiss and two U.S. employees are currently in an ongoing employment relationship with the company or its subsidiaries. The Company expects to issue further announcements as progress with its debt-restructuring moratorium procedure is made. About Spexis Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland, focused on rare diseases and oncology. For further information please visit: www.spexisbio.com. For further information please contact:
End of Inside Information |
Language: | English |
Company: | Spexis AG |
Hegenheimermattweg 125 | |
4123 Allschwil | |
Switzerland | |
Phone: | +41 61 567 1600 |
Fax: | +41 61 567 1601 |
E-mail: | info@spexisbio.com |
Internet: | www.spexisbio.com |
ISIN: | CH0106213793 |
Valor: | SPEX |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1767625 |
End of Announcement | EQS News Service |
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