Change in Basware Corporation's financial reporting practice

Basware Corporation, stock exchange release, 7 October 2022 at 11:45 a.m. EET

Basware Corporation ("Basware") has resolved to change its financial reporting practice due to the pending redemption proceedings, as announced on 20 July 2022. Basware will therefore not publish an interim report for January-September 2022 on 25 October 2022 as previously announced.

Sapphire BidCo Ltd ("Sapphire BidCo") has acquired through a public tender offer more than 90 per cent of all the issued and outstanding shares and votes in Basware. Sapphire BidCo has on 27 July 2022 applied for redemption proceedings in respect of Basware's minority shares by submitting an application to appoint an arbitral tribunal and initiate arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Basware.

Sapphire BidCo has previously announced that it intends to cause the shares of Basware to be delisted from Nasdaq Helsinki Ltd as soon as permitted and reasonably practicable under the applicable laws and regulations and the rules of Nasdaq Helsinki Ltd. Publication of the financial statements bulletin 2022 is subject to the timing of the delisting and will be published only if there is a regulatory requirement for this.

For more information, please contact:
 

Martti Nurminen, Chief Financial Officer, Basware Corporation

Tel. [phone], [e-mail]

Distribution:
Nasdaq Helsinki
Main media
investors.basware.com/en

About Basware:
Basware is a leading provider of Networked Procure-to-Pay solutions with the largest open e-invoicing network in over 180 countries. Our cloud-based technology enables enterprises to fully manage their spend, mitigate financial risk and reduce operating costs through automation of finance, procurement, accounts payable and accounts receivable processes. Our open technology ecosystem and extensive partner network have helped over 6,500 businesses in 60 countries move towards 100% spend visibility which enables better business decisions - a concept we call Visible Commerce. Basware's solutions support the transition to a lower-carbon economy by digitization and automation. Basware is traded on the Helsinki exchange (BAS1V: HE). Find out more at https://investors.basware.com/en.

 

https://news.cision.com/basware/r/change-in-basware-corporation-s-financial-reporting-practice,c3644558

https://mb.cision.com/Main/2247/3644558/1635893.pdf

(c) 2022 Cision. All rights reserved., source Press Releases - English