Singulus Technologies : Publication of the audited annual financial statements 2020 postponed again – legal implications

Kahl am Main, July 14, 2022 - SINGULUS TECHNOLOGIES postpones the publication of the audited annual financial statements for the business year 2020 scheduled for Friday, July 23, 2022. The responsible auditor KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt ("KPMG"), informed the company at short notice that KPMG would not be able to issue the audit as planned. An audit with an unqualified audit opinion can only be issued once the necessary resolutions to amend the terms and conditions of the bond regarding termination rights in the event of breaches of duty have been passed. The background to this is the existing breach of duty of the bond conditions communicated on July 12, 2022, for the SINGULUS bond (ISIN DE000A2AA5H5, WKN A2AA5H) (hereinafter "bond") because the audited financial statements for the fiscal years 2020 and 2021 were not submitted within the statutory requirements. This breach of duty entitles the bondholders to terminate the agreement after expiry of a 30-day period to cure the situation.

The termination of the Bonds will only apply to the Bonds actually terminated and will only take effect if more than 20% of the Bondholders validly terminate the Bonds held by them.

SINGULUS TECHNOLOGIES will invite the bondholders to the required creditors' meetings at short notice. The agenda will include votes on the following items: 1) Election of a new joint representative of the bondholders and 2) Amendment of the bond terms and conditions to the effect that the bondholders' right of termination is temporarily waived for a period of nine (9) months due to the hitherto omitted publication of the audited annual financial statements for the business years 2020 and 2021.

SINGULUS TECHNOLOGIES is in close and trustful contact with the largest bondholder. This bondholder has already waived in writing to the company the exercise of his termination rights for the approx. 26 % of the bonds held by him and will support the passing of resolutions in the meetings from the company's point of view. Nevertheless, it is currently not entirely certain that the resolutions will be adopted by the bondholders' meeting as proposed.

The working capital facility in the amount of € 10.0 million can be terminated if SINGULUS TECHNOLOGIES is not able to present audited financial statements for the business year 2020 by July 23, 2022. The company will enter negotiations with the lender to achieve a sufficient extension of the submission deadlines. Although such an extension has already been granted in comparable situations in the past, it is not certain.

If the working capital line is terminated or bondholders for at least 20% of the outstanding bonds exercise their right to terminate, provided that the creditors' meeting has not resolved to waive the right to terminate, the Company would have to file for insolvency.

Contact:
Maren Schuster, Investor Relations, Tel.: + 49 (0) 160 9609 440 1612
Bernhard Krause, Corporate Communications, Tel.: [phone]
Email: [e-mail]

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