Antares Vision drops to all-time lows after it starts audit of U.S. unit

Antares Vision SpA

13/12/2023 13:53

** Shares in Italy's Antares Vision  ANV.MI  slump 23% to
all-time lows after the technology company said it started an
audit focused on its U.S. unit rfxcel
    ** The firm said that its targets for the year will
"probably not be achieved" as a result of the audit
    ** Antares started the audit to investigate "the soundness
of its receivables relating to the supply of Government Hubs",
which account for about 10% of the group's guidance of 245-250
million euros for 2023 revenues
    ** The hubs provide support to government entities for the
traceability of pharmaceuticals in the United States, Africa,
Asia and the Middle East, Antares said
    ** The ongoing audit exposes accounting uncertainties which
push the remaining shareholders to sell their position, after an
already "horrible" year, a Milan-based trader says 
    ** The stock has been repeatedly halted from trading and
fell over 23% to 2.15 euros by 1348 GMT
    ** Including today's fall, the stock has dropped 73% YTD​



 (Reporting by Alessandro Parodi and Andrea Mandalà)
 ((alessandro.parodi@thomsonreuters.com))