Regulatory News:
Cellnovo Group SA (Paris:CLNV) ("Cellnovo" or the "Company" - CLNV: EN Paris) has today informed the Paris Commercial Court of its suspension of payments and requested the initiation of compulsory liquidation proceedings (procédure de liquidation judiciaire) with cessation of business.
As announced in previous press releases, the Company had obtained the appointment of a conciliator (conciliateur) in order to support and secure the search for a buyer and financing initiated within the framework of the opening of collective insolvency proceedings under English law (procédure collective de droit anglais) regarding its operating subsidiary, Cellnovo Limited.
The expressions of interest received within this framework are limited to the assets held by Cellnovo Limited, but do not include the purchase of the Company or its assets. The vast majority of the group's assets, in particular the intellectual property portfolio and research and production assets, are held by Cellnovo Limited, Cellnovo Group SA's assets being limited to the shares of its wholly-owned subsidiary, Cellnovo Limited.
The Company is therefore obliged to request the opening of compulsory liquidation proceedings with cessation of business, all manufacturing and commercial activities having already been discontinued within the framework of the restructuring plan initiated by Cellnovo Limited's board members.
The request to open the compulsory liquidation will be considered by the Paris Commercial Court on May 9, 2019.
The Company will communicate as soon as possible after the outcome of the hearing.
Cellnovo is listed on Euronext, Compartment C ISIN: FR0012633360 Ticker: CLNV) |
Cellnovo Disclaimer
This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. For review of risks and uncertainties which could cause Cellnovo's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Presentation of the Main Risks and Uncertainties ("Description des principaux risques et incertitudes") set forth in Exhibit 1 of the 2017 Annual Financial Report ("Rapport Financier Annuel") and Risks and Uncertainities (« Risques et incertitudes ») section #2.8 of the 2018 Half-yearly Financial Report ("Rapport Financier Semerstriel") of the Company published on the website of Cellnovo Group (www.cellnovo.com), respectively, on April 30, 2018 and November 26, 2018.
This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Cellnovo Group in any country.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190426005510/en/
Contacts:
Cellnovo
Chief Executive Officer
Sophie Baratte
investors@cellnovo.com
NewCap
Investor Relations
Dusan Oresansky
+ 33 1 44 71 94 92
cellnovo@newcap.eu
NewCap
Media Relations in France
Nicolas Merigeau
+ 33 1 44 71 94 98
cellnovo@newcap.eu