Endor AG agrees to exclusive negotiations with strategic investor CORSAIR

EQS-News: Endor AG / Key word(s): Financing/Offer
Endor AG agrees to exclusive negotiations with strategic investor CORSAIR

09.05.2024 / 12:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Endor AG agrees to exclusive negotiations with strategic investor CORSAIR

Landshut, 9 May 2024 - The Management Board entered into a term sheet to
negotiate exclusively with US-based leader in high-performance gear and
systems for gamers, content creators, and PC enthusiasts CORSAIR® (Nasdaq:
CRSR) on the restructuring of the company, concluding an open-ended and
intensive examination of various offers from investors and after
consultation with its lending banks. This represents a significant milestone
in the sustainable reduction of the company's debt and creates a positive
outlook for the company.

"We are very pleased to have found a strategic investor in CORSAIR who knows
our market well and wants to invest for the long term," said Andres Ruff,
CEO and Chief Restructuring Officer of Endor AG. "With this partnership, we
now have another opportunity to invest in the further development of the
brand and lay the foundation for operational strength in the coming years.
Sim Racing is a good portfolio expansion for CORSAIR and in return it opens
up our brand to CORSAIR's enourmous gaming community and its associated
brands. We are confident that we have found the best financing solution and
strategic partner in the interest of the company, our employees, our
customers and our suppliers."

Endor AG is to be restructured outside of insolvency proceedings in
accordance with the German Act on the Stabilization and Restructuring
Framework for Companies (StaRUG) due to imminent insolvency. The signing of
a binding agreement is expected for end of May, which will promptly be
submitted to the restructuring court in Munich.

As part of the restructuring, CORSAIR will become the parent company of
Endor in full and provide sufficient financial resources to stabilize the
company without any external debt. Endor currently holds approximately EUR
70 million of external bank debt.

"Together with our advisors, we have considered various offers over the past
weeks and months and discussed them with our external banks," said CFO
Matthias Kosch. "We are pleased with the outcome of this process and are
convinced CORSAIR's financing and ultimate ownership of the company will
stabilize its balance sheet and secure its long term future."

About Endor AG

Endor AG develops and markets high-quality input devices such as high-end
steering wheels and pedals for racing simulations on game consoles and PCs.
As a "brain factory", the company's focus is on the creative sector. Endor
carries out product development and prototype construction under its own
direction and together with specialized technology partners, primarily in
Germany ("German engineering"). Endor sells its products under the FANATEC
brand via e-commerce primarily to end customers in Europe, the USA, Canada,
Australia and Japan.

About CORSAIR

CORSAIR (Nasdaq: CRSR) is a leading global developer and manufacturer of
high-performance gear and technology for gamers, content creators, and PC
enthusiasts. From award-winning PC components and peripherals to premium
streaming equipment and smart ambient lighting, Corsair delivers a full
ecosystem of products that work together to enable everyone, from casual
gamers to committed professionals, to perform at their very best.

Copyright © 2024 Corsair Gaming, Inc. All rights reserved. CORSAIR and the
sails logo are registered trademarks of CORSAIR in the United States and/or
other countries. All other company and/or product names may be trade names,
trademarks, and/or registered trademarks of the respective owners with which
they are associated.

Press and investor enquiries:
Jasmin Dentz, GFD Finanzkommunikation
E-Mail: dentz@gfd-finanzkommunikation.de

Peter Herkenhoff, GFD Finanzkommunikation
E-Mail: herkenhoff@gfd-finanzkommunikation.de


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09.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        Endor AG
                   E.ON-Allee 3
                   84036 Landshut
                   Germany
   Phone:          +49-(0)871-9221-122
   Fax:            +49-(0)871-9221-221
   E-mail:         ir@endor.ag
   Internet:       www.endor.ag
   ISIN:           DE0005491666
   WKN:            549166
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart
   EQS News ID:    1899193

End of News EQS News Service
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1899193 09.05.2024 CET/CEST