Comments regarding financial situation in CybAero AB
Trading in CybAeros share, listed on Nasdaq First North, was halted before stock market opening on Thursday, February 15th. The background to the trade halt is acute liquidity shortage.
On July 24, 2017, CybAero signed a financing agreement with Dubai-based Bracknor Investment Group, providing a financing solution amounting to USD 5.25 million in the form of seven convertible loans Ongoing discussions with Bracknor on the delivery of the agreement's third tranche of USD 850 000 are at an impasse and CybAero no longer thinks it is likely that Bracknor will deliver the requested funds. This has led CybAero to an acute liquidity shortage.
CybAero is currently examining how long the existing liquidity is sufficient to run the company. CybAero examines if more than half of the share capital has been consumed. If so, CybAero will establish a balance sheet review, in accordance with the Swedish Companies Act, Chapter 25, 13.
CybAero is currently discussing with other financiers about the opportunity to solve the emerging situation. If the discussions are not successful a bankruptcy could not be ruled out.
For additional information, contact:
Michael Auerbach, Chairman CybAero AB
Phone +46 13 465 29 00
Web: www.cybaero.se Videos: www.youtube.com/cybaero
CybAero develops and manufactures Remotely Piloted Aircraft Systems (RPAS) for safer and more effective aerial operations in various environments, including those hazardous in nature. The company has made a great international impact with its APID One helicopter, which can be adapted for both military and civilian applications such as coastal and border surveillance, search and rescue missions, and mapping. CybAero’s head office is located in Mjärdevi Science Park in Linköping, Sweden. The company has been listed on the NASDAQ First North since 2007. FNCA Sweden AB is the company's certified adviser.
This information is information that CybAero AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:00 CET on 16 february 2018.