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08.11.2023 07:15:59 - Spexis to file an application for a debt-restructuring moratorium
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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:
stephen@gilmartinir.com feldhaus@feldhaus-partner.ch
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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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Hegenheimermattweg 125
4123 Allschwil
Switzerland
End of Announcement EQS News Service
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1767625 08-Nov-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1767625&application_name=news
END) Dow Jones Newswires
November 08, 2023 01:15 ET (06:15 GMT)
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: For Media: Stephen Jasper Dr. Stephan Feldhaus Managing Director Feldhaus & Partner Gilmartin Group +41 79 865 9256
stephen@gilmartinir.com feldhaus@feldhaus-partner.ch
===
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
===
1767625 08-Nov-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1767625&application_name=news
END) Dow Jones Newswires
November 08, 2023 01:15 ET (06:15 GMT)
