Swedish Stirling initiates measures for an orderly winding-up and will summon a general meeting for a decision on a voluntary winding-up procedure
The Board of Directors of Swedish Stirling AB (publ) (“Swedish Stirling” or the “Company”) has resolved to propose that the Company initiates an orderly winding-up of the operations through a voluntary winding-up procedure. For this purpose, the Board of Directors has been into contact with certain major creditors of the Company, which creditors are favourably disposed toward such an orderly winding-up of the operations. The Board of Directors of Swedish Stirling has resolved that the shareholders shall be summoned to an extraordinary general meeting for considering the proposal for the Company to be wound up.
On 30 December 2022, Swedish Stirling announced that the Board of Directors had resolved, inter alia, to give the CEO and the management team the mandate to carry out substantial cost saving measures. This has led to continued reductions among personnel and entails an ongoing effort to renegotiate or terminate the majority of the Company’s supply agreements, to wind down the operations in South Africa and to carry out other cost saving measures.
In its continuous evaluation of the Company’s operations and financial position, including but not limited to investigating the possibilities to find a strategic partner and to amend the Company’s business model, the Board of Directors has thereafter concluded, however, that there is no longer a sufficient basis for the continuation of the operations. This conclusion is in particular taking into consideration the current level or working capital and that the Board of Directors foresee no realistic assumptions for the Company to carry out such additional capital increase as would be necessary to continue the operations and create long-term value for the shareholders.
For the purpose of an orderly winding-up procedure with regard to the Company’s operations, the Company has been in contact with certain of the Company’s major creditors, including the holders of outstanding convertible loans in the Company, which creditors are favourably disposed toward such an orderly winding-up of the operations, and the Board of Directors of Swedish Stirling has resolved to let the shareholders consider a proposal of voluntary winding-up of the Company at an extraordinary general meeting. According to the preliminary assessment of the Board of Directors, the possible distribution to the shareholders in relation to the winding-up procedure will be very limited or may not take place at all. The extraordinary general meeting will be summoned shortly.
This information is information that Swedish Stirling AB (publ) 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 below on 19 February 2023 at 23:00 CET.
For further information please contact:
Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30 ir@swedishstirling.com.
About Swedish Stirling AB
Swedish Stirling is a Swedish clean-tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy into electricity. The company’s latest product, the PWR BLOK unit, is a unique proprietary solution for recovering energy from industrial residual gases and heat, and for converting this into 100 percent carbon-neutral electricity with high efficiency. The company’s vison is to establish Stirling technology as the best option for local, sustainable electricity generation. Swedish Stirling AB is listed on Nasdaq First North Premier and FNCA Sweden AB is appointed Certified Adviser, +46(0)8-528 00 399, info@fnca.se. Read more at www.swedishstirling.com.