Nordic Unmanned ASA provides further update on status of its financial restructuring
Reference is made to earlier stock exchange announcements by Nordic Unmanned ASA (the "Company") (ticker: NUMND) regarding the financial restructuring originally announced on 14 May 2024. The Company is still working on finalizing the conditions for completion of amendments to the Company's loan facilities, which is a condition precedent for the completion of the NOK 23.5 million private placement, the NOK 23.5 million subsequent offering and the EUR 5,172,414 debt conversion all approved by the Company's extraordinary general meeting held on 11 June 2024 (the "EGM"). Due to recently identified liquidity challenges resulting from project delays, working capital requirements and the restructuring cost, the Company's current expectation is that it will not have sufficient liquidity to repay on the original due dates at the end August 2024 the EUR 2 million bridge loan guaranteed by Tjelta Eiendom AS from February 2024, and the EUR 1 million additional liquidity loan from Tjelta Eiendom AS provided in connection with the financial restructuring. The Company will seek an extension of the due date for these loans in dialogue with the banks and Tjelta Eiendom AS.
The Company will provide further updates in due course and expects that completion of the financial restructuring, including delivery of shares to subscribers in the subsequent offering, will take place before the end of August 2024.
Disclosure regulation
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Lars A. Landsnes, CFO&COO of the Company on 14th August 2024, at 08:30 CEST
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About Nordic Unmanned
Nordic Unmanned is a leading European manufacturer (OEM) and certified operator of unmanned aircraft systems (“UAS”).
We are serving large corporations, government agencies and security customers by offering systems, solutions and flight services for environmentally friendly delivery of productivity improvements and time critical, actionable data insights and logistics services.
Our solutions and services are organized in the three business segments as follows:
Flight Services: is a technology-agnostic flight services operator providing time-critical actionable data to large corporate and governmental customers. The segment also includes NUAer AS and Resale.
AirRobot: is an Equipment Manufacturer (OEM) with a leading product platform in lightweight drones and sensors (payloads) tailored for defense and security.
DroneMatrix: is an Equipment Manufacturer (OEM) offering a fully integrated and autonomous drone system with proprietary software for surveillance and security.
Nordic Unmanned is ISO 9001:2015 and ISO 14001:2015 certified for the operation, maintenance, and sales of unmanned systems and sensor technology. AirRobot is ISO 9001:2015 and EN 9100:2018 certified for its development and production capabilities of unmanned systems.
Founded in Norway in 2014, Nordic Unmanned has offices in Sandnes (NO), Cranfield (UK), Hasselt (BE) and Arnsberg (GER). Nordic Unmanned also comprise joint venture – Omni Unmanned SA with OHI Group SA (registered in Luxemburg) and joint venture – NUAer AS with Aeromon OY (registered in Norway).
For more information visit - https://nordicunmanned.com/
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