Terranet updates the market on its shareholding in holoride
22 Abril 2024 - 1:45AM
UK Regulatory
Terranet updates the market on its shareholding in holoride
Terranet AB (publ) today announces that the company does
not intend to further invest in holoride GmbH at this time. The
decision not to contribute with more capital reflects Terranet's
strategy to prioritize and accelerate its own development of
BlincVision.
Terranet invested in holoride in 2021 together with an
investment consortium consisting of major industry players.
Terranet's holding amounts to approx. 10%. The purpose of the
investment was to take advantage of holoride's network and and
identify future product synergies based on real-time vehicle data.
Since the investment, Terranet has built up a large established
network of contacts in the automotive industry.
Holoride has been involved in advanced discussions with new
financiers about investing in the company. These discussions have,
however, prolonged and existing shareholders have decided not to
contribute additional capital pending the eventual completion of
such a deal. As holoride's liquidity is not yet secured in the long
term, the company's management has, due to German law, decided to
initiate a so-called preliminary insolvency procedure (vorläufiges
Insolvenzverfahren) to find new owners or investors for the company
or business and, if that does not succeed, liquidate the company
through bankruptcy. Terranet will be affected in terms of
accounting through impairment of the value of the company's holding
in holoride. Terranet's liquidity is not affected.
Nils Wollny, CEO of holoride, will remain as a board member of
Terranet AB, where he will continue to contribute with his
expertise in the technology and automotive industries.
"Terranet's core business is our anti-collision solution
BlincVision. Our product development is progressing in accordance
with our previously communicated roadmap. We look forward to the
upcoming in-car prototype tests that will take place during this
quarter and to return to the market with results from this
prototype demo. holoride's situation will not affect Terranet's
operations or liquidity.", says Magnus Andersson, CEO.
Financial Calendar Update
As a consequence of the situation in holoride, Terranet may need
to make updates in the company's annual report for 2023. The new
publication date for the Annual Report will therefore be April 30,
instead of April 24 as previously planned.
This information is such that Terranet AB is required to
make public in accordance with the EU’s Market Abuse Regulation
(MAR). The information was made public by the Company’s contact
person below on 22 April 2024, at 08.45 CET.
For more information, please contact:
Magnus Andersson CEO
Email: magnus.andersson@terranet.se
About Terranet AB (publ)
Terranet is on a mission to save lives in urban traffic. We
develop breakthrough tech solutions for Advanced Driver Assistance
Systems (ADAS) and Autonomous Vehicles (AV) that protect vulnerable
road users. With a unique and patented vision technology,
Terranet’s anti-collision system BlincVision scans and detects road
objects multiple times faster and with higher accuracy than any
other ADAS technology available today.
Terranet is based in Lund and Gothenburg, Sweden, and in the
heart of the European automotive industry in Stuttgart, Germany.
The company is listed on Nasdaq First North Premier Growth Market
since 2017(Nasdaq: TERRNT-B).
Follow our journey at www.terranet.se
Certified Adviser to Terranet is Mangold Fondkommission AB,
08-503 015 50, ca@mangold.se.
Terranet Holding Ab (LSE:0GH9)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Terranet Holding Ab (LSE:0GH9)
Gráfica de Acción Histórica
De May 2023 a May 2024
