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
for Astrocast 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 of April 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 investors
Kjell Karlsen, Chief Financial Officer
Investors@astrocast.com
 
 
Media Contact Astrocast
Fatima 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. The Astrocast 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 with Thuraya. In
partnership with Airbus, CEA/LETI and ESA, 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.
 
This stock exchange announcement was published by Kjell 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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