Astrocast SA - Financial update and expected de-listing Lausanne,Switzerland ,12 April 2024 . As stated in the annual financial statements and the first half report for 2023 forAstrocast SA ("Astrocast " or the "Company"), a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern. The Board of Directors and the management are actively working on a plan to raise new funds and further measures to remedy the over indebtedness and secure financing of the company for the next 12 months. Discussions are ongoing, but the work has to date not resulted in available alternatives that can improve the liquidity position of the Company within an appropriate timeframe. The Company has been reasonably confident that it will be able to secure funding and establish a plan for continued operations and is currently continuing its work on this basis. However, the financial situation of the Company remains critical, and it is urgent to establish a plan to raise new funds to restore liquidity and further measures to remedy the over indebtedness of the Company. Attracting additional funding or raise the necessary financing through collaborations with third parties related to the development and/or commercialisation of its products, within a short period of time, is critical. Should the Company's lack of funding extend further in time and extend to the end ofApril 2024 , the Company will move towards a situation where the Board of Directors must assess its obligations to close down operations. Discussions with certain interested parties are ongoing. During these discussions the Company has unfortunately experienced that certain investors that could support the funding do not have it within their investment mandates to inject capital into publicly traded companies. Not being eligible for such venture and risk capital contributions is imposing a significant restriction for the Company in its current financial position. Further, the Company must assess all cost reducing measures. Based on the above, the Company will pursue a de-listing from its current admission to trading on the Euronext Growth Oslo platform. Currently, if the Company cannot be de-listing during a short timeframe, the Company believes it is likely that it will not be able to obtain necessary funding and as a result the Company will no longer be suitable for trading. Hence, a de-listing must be expected in all relevant scenarios. The Company regrets that this may not be preferred for all shareholders, but considering the alternatives the Company do believe it provides an option for potentially securing some value for existing shareholders. The Company continues its work to secure financing and to de-list from Euronext Growth Oslo, however; no assurances can be given as to the outcome or timing of the process. Contact details For investorsKjell Karlsen , Chief Financial Officer Investors@astrocast.com Media Contact AstrocastFatima Vigil , Head of Marketing media@astrocast.com About Astrocast AS (ASTRO)Astrocast SA operates a leading global nanosatellite IoT network, offering services in industries such as Agriculture & Livestock, Maritime, Environment & Utilities to name a few. TheAstrocast network enables companies to monitor, track, and communicate with remote assets from anywhere in the world. It relies on superior L-band spectrum through a strategic alliance withThuraya . In partnership with Airbus, CEA/LETI andESA ,Astrocast developed Astronode S, an ultra-low power and miniaturised module compatible with inexpensive L-band patch antennas. Founded in 2014 by a renowned team of experts,Astrocast develops and tests all its products in-house, from the satellites to the modules.Astrocast is listed on Euronext Growth Oslo and recently announced the acquisition of Hiber. For more information visit www.astrocast.com Legal Notice Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction. Important notice: This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Thisstock exchange announcement was published byKjell Karlsen , Chief Financial Officer,Astrocast SA , on the time and date set out above in the announcement. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Forward-looking statements This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. This announcement contains statements regarding the prospects and growth strategies of the Company. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as "considers", "envisages", "believes", "aims", "expects", "intends", "should", "anticipates", "estimates", "thinks", "wishes" and "might", or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that the Company considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments. The Company's forward-looking statements speak only as of the date of this announcement. Absent any applicable legal or regulatory requirements, the Company expressly disclaims any obligation to release any updates to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions, or circumstances, on which any forward-looking statement contained in this announcement is based. The Company operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.
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