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08.11.2023 07:15:35 - dpa-AFX: EQS-Adhoc: Spexis to file an application for a debt-restructuring moratorium (english)
Spexis to file an application for a debt-restructuring moratorium
Spexis AG / Key word(s): Strategic Company Decision
Spexis to file an application for a debt-restructuring moratorium
08-Nov-2023 / 07:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
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Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland, November 8, 2023
Spexis to file an application for a debt-restructuring moratorium
Spexis AG (SIX: SPEX) is in the process of filing an application for a
debt-restructuring moratorium with the Western District Court of the Canton
Basel-Landschaft.
As previously reported in various Spexis announcements, SPRIM Global
Investments (SGI) has been a repeat investor and debt lender to the Company
since February 2023. As of yesterday, Spexis and SGI had been negotiating
terms of an additional tranche of financing to continue implementation of
the COPILOT study, when Spexis received - without any advance notice that
same would be forthcoming - notices from SGI of alleged events of default on
various secured loans in the aggregate principal amount of USD 4.5 Mio.
which Spexis AG, EnBiotix, Inc. (the wholly-owned subsidiary of Spexis) and
Spexis Australia Pty Ltd. have entered into with SGI over the past several
months. For its part, Spexis contends that the alleged events of default
have not occurred.
However, given this development, the Board of Directors has concluded that
continuing funding of the ongoing clinical development and research
activities with its current cash reserves of approximately CHF 800k is not
feasible. Accordingly, and with no other near-term sources of funding being
available, the Company shall seek to move into a debt-restructuring
moratorium as soon as practically possible.
In conjunction with the Company's above announcement and the immediate
implementation of restructuring measures, eight Swiss and two U.S. employees
are currently in an ongoing employment relationship with the company or its
subsidiaries.
The Company expects to issue further announcements as progress with its
debt-restructuring moratorium procedure is made.
About Spexis
Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in
Allschwil, Switzerland, focused on rare diseases and oncology. For further
information please visit: www.spexisbio.com.
For further information please contact:
Disclaimer
This press release contains forward-looking statements which are based on
current assumptions and forecasts of Spexis management. Known and unknown
risks, uncertainties, and other factors could lead to material differences
between the forward-looking statements made here and the actual development,
in particular Spexis' results, financial situation, and performance. Readers
are cautioned not to put undue reliance on forward-looking statements, which
speak only of the date of this communication. Spexis disclaims any intention
or obligation to update and revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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End of Inside Information
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End of Announcement EQS News Service
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1767625 08-Nov-2023 CET/CEST
Spexis AG / Key word(s): Strategic Company Decision
Spexis to file an application for a debt-restructuring moratorium
08-Nov-2023 / 07:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland, November 8, 2023
Spexis to file an application for a debt-restructuring moratorium
Spexis AG (SIX: SPEX) is in the process of filing an application for a
debt-restructuring moratorium with the Western District Court of the Canton
Basel-Landschaft.
As previously reported in various Spexis announcements, SPRIM Global
Investments (SGI) has been a repeat investor and debt lender to the Company
since February 2023. As of yesterday, Spexis and SGI had been negotiating
terms of an additional tranche of financing to continue implementation of
the COPILOT study, when Spexis received - without any advance notice that
same would be forthcoming - notices from SGI of alleged events of default on
various secured loans in the aggregate principal amount of USD 4.5 Mio.
which Spexis AG, EnBiotix, Inc. (the wholly-owned subsidiary of Spexis) and
Spexis Australia Pty Ltd. have entered into with SGI over the past several
months. For its part, Spexis contends that the alleged events of default
have not occurred.
However, given this development, the Board of Directors has concluded that
continuing funding of the ongoing clinical development and research
activities with its current cash reserves of approximately CHF 800k is not
feasible. Accordingly, and with no other near-term sources of funding being
available, the Company shall seek to move into a debt-restructuring
moratorium as soon as practically possible.
In conjunction with the Company's above announcement and the immediate
implementation of restructuring measures, eight Swiss and two U.S. employees
are currently in an ongoing employment relationship with the company or its
subsidiaries.
The Company expects to issue further announcements as progress with its
debt-restructuring moratorium procedure is made.
About Spexis
Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in
Allschwil, Switzerland, focused on rare diseases and oncology. For further
information please visit: www.spexisbio.com.
For further information please contact:
For Investors: Stephen Jasper For Media: Dr. Stephan Feldhaus
Managing Director Gilmartin Feldhaus & Partner +41 79 865 9256
Group (1)stephen@gilmartinir.com (1)feldhaus@feldhaus-partner.ch 1.
1. mailto:feldhaus@feldhaus-partner.ch
mailto:stephen@gilmartinir.com
Disclaimer
This press release contains forward-looking statements which are based on
current assumptions and forecasts of Spexis management. Known and unknown
risks, uncertainties, and other factors could lead to material differences
between the forward-looking statements made here and the actual development,
in particular Spexis' results, financial situation, and performance. Readers
are cautioned not to put undue reliance on forward-looking statements, which
speak only of the date of this communication. Spexis disclaims any intention
or obligation to update and revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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End of Inside Information
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Language: English
Company: Spexis AG
Hegenheimermattweg 125
4123 Allschwil
Switzerland
Phone: +41 61 567 1600
Fax: +41 61 567 1601
E-mail: info@spexisbio.com
Internet: www.spexisbio.com
ISIN: CH0106213793
Valor: SPEX
Listed: SIX Swiss Exchange
EQS News ID: 1767625
End of Announcement EQS News Service
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1767625 08-Nov-2023 CET/CEST
