Quantum Genomics provides an update on its situation
- Trading suspension of the shares of the Company decided by Euronext since October 25th, 2024
- Search for a suitable reverse take over partner initiated in December 2024 and still on going
- Uncertainty over the ability to find a new business partner
- Yearly accounts 2024 expected to b released by April 30th, 2025
Quantum Genomics (Euronext Growth - FR0011648971 - ALQGC) (the "Company") provides an update on its operational situation following the suspension of listing on 25 October 2024.
Trading suspension of the shares of the Company
The Company reminds that Akkadian Partners provided a 500,000 Euros to Quantum Genomics on 26 September 2024 in order (i) to bring the Company out of a liquidation process initiated by the former management and (ii) with the objective to bring into Quantum genomics a portfolio of biotechnology products.
A first project, submitted to the different regulatory bodies was qualified as a Reverse Takeover by Euronext considering that this project fell under provisions of Instruction Reverse listing of Euronext dated on May 2nd, 2024. On oct 25th, 2024, Euronext decided to suspend the listing of Quantum Genomics shares in accordance with Article 4403/2 of Book I of the Euronext Market Rules and Article 7.3.1 of Book I of the Euronext Growth Market Rules.
In accordance with Euronext market rules, the Company must file a new application for admission to listing of its shares, including the drafting of an information document (impact of the proposed transaction for the Company's shareholders, description of the New Entity's activities and its financial situation, etc.). This application for admission should be the subject of a decision by Euronext.
Unfortunately, the contemplated transaction was not completed and Quantum Genomics tries to find a another business opportunity suitable with the requirements of a relisting of the shares with the following characteristics:
- Profitable company, able to assume the €2,130,000 financial debt of Quantum Genomics at Dec 31st 2024;
- Ideally in Healthcare but the company reserves the right to examine any relevant partnership opportunity with a company in another sector, which could imply a reorientation of the activity, it being recalled that to date, the Company no longer carries out any operational activity.
The listing of the shares of the Company is suspended until the Company has the capacity to meet the relisting requirements described hereabove and obtain a listing approval from Euronext.
Financial situation of the Company
After four months of scouting of new opportunities and discussion with several companies and advisors, Quantum Genomics has not reached any binding agreement.
Taking into account the payment of financial debt installments as well as operating costs and general expenses linked to the status of a listed company, the Company cash position is approximately €150,000 as at 4th Aptil 2025, an amount deemed sufficient to provide financial visibility for the following four months, taking into account the current level of payables, the present monthly burn rate and the steps taken to restructure operations at the Company. After this date, Quantum Genomics has no guarantee to be able to continue its operations without new money raising, either in equity or in debt, which could lead to the liquidation of the Company.
The publication of 2024 yearly accounts is planned before April 30th 2025.
Contacts
Quantum Genomics est cotée sur le marché Euronext Growth à Paris (FR0011648971 - ALQGC) et inscrite sur le marché américain OTCQX (symbole: QNNTF).
Plus d'informations sur www.quantum-genomics.com
| Quantum Genomics |
| contact@quantum-genomics.com |
- SECURITY MASTER Key: xWmfaJduaGqZnGlxYZtmb2psbmeSkmLHmZSZlWJvmJ6damxomW9kbZrIZnJhnmVm
- Check this key: https://www.security-master-key.com.
https://www.actusnews.com/documents_communiques/ACTUS-0-90900-cp-08042025-eng-final.pdf
© Copyright Actusnews Wire
Receive by email the next press releases of the company by registering on www.actusnews.com, it's free
