Audientes A/S – revised financial calender for 2023

Company announcement no. 09-2023
6 April, 2023

Audientes A/S (CVR 36047631) is announcing an update to its financial calender for 2023 related to the evaluation of different strategic alternatives for its capitalization and more longer-term structures related to strategic investments, partnerships and/or aquisition, as this may have significant bearing on the expectations and financial plan for the coming year.

Background

On 17 March, 2023, Audientes announced a revised financial calender for 2023 for, among others, the release of its Annual Report for 2022 and the upcoming Annual General Meeting 2023. Audientes had previously on 15 February, 2023, communicated to the market about its future capitalization, and due to matters related to the company’s ongoing evaluation of different strategic alternatives for its capitalization and more longer-term structures related to strategic investments, partnerships or aquisition, more time is required to progress and complete current dialogues.

The current situation is that Audientes is facing significant pressure to identify and implement measures that will enable the company to continue its operations and/or to realize assets in the best way possible in the interest of its creditors and shareholders.

Audientes needs time to develop a firm enough plan to achieve ‘going concern’ sign-off from its auditors. At the same time, Audientes does have real and significant dialogues with strategic partners and investors as well as sources for funding and refinancing.  

As completion of these discussions is likely to have significant bearing on the expectations and financial plan for the coming year, the financial calender for the Annual Report 2022 and the Annual General Meeting 2023 is therefore amended.

Audientes has retained a corporate finance advisor for the purpose of assisting with its capitalization efforts and the dialogues with potential strategic partners.

Changes to financial calendar

The publication date of the Annual Report 2022 is now moved from 13 April, 2023, to 17 May, 2023.

Correspondingly, the date of the Annual General Meeting 2023 is now moved from 28 April, 2023, to 30 May, 2023 due to the requirement of having at least two weeks between the publishing of the Annual Report 2022 and the Annual General Meeting 2023.

With this schedule in mind, coupled with the planned capitalization and typical models therein (such as directed issue or rights issue), it is necessary to seek authorizations earlier for such approaches at an Extraordinary General Meeting to be called for, targeted for 28 April, 2023. It is also necessary at this meeting to amend other clauses in the Articles of Association to update them to certain regulations at Spotlight Stock Market, which differ from the previous listing venue of Audientes (Nasdaq First North Growth Market Denmark). Such updates include removing the requirement for having the Annual General Meeting within 4 months of year-end of the immediatey preceeding fiscal year (Danish Company Law requires this to take place within 6 months).

Financial Calender

The financial calendar for 2023 is now scheduled as follows:

For further information, please contact:

Steen Thygesen, CEO, Audientes A/S

Phone: +45 53 17 26 10

Email: st@audientes.com

Troels Torp, CFO, Audientes A/S

Phone: +45 ‭40 52 18 80‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Email: tto@audientes.com

About Audientes A/S

Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian market, online and in retail, and will be introduced to the USA over-the-counter market and other markets in the coming years. Companion by Audientes is an advanced hearable consumer electronics product that is commercially available in Europe and later in 2023 in USA, Japan and other markets.

Audientes’ mission is to make high-quality hearing aids and hearables for hearing improvement or hearing enhancement accessible to everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.

For additional information please refer to the company’s websites, www.audientes.com or www.audientes.in