Brief: Innovative Solutions Ecosystem Says Subsidiary Scytl Filed Request For Voluntary Insolvency
28/03/2024 10:13
March 28 (Reuters) - Innovative Solutions Ecosystem SA
ISE.MC :
* PROVIDES INFORMATION ABOUT ITS SUBSIDIARY SCYTL ELECTION
TECHNOLOGIES, S.L.U.
* SCYTL ELECTION TECHNOLOGIES YESTERDAY FILED A REQUEST FOR
VOLUNTARY INSOLVENCY PROCEEDINGS BEFORE COMMERCIAL COURTS OF
BARCELONA
* SCYTL FILED REQUEST FOR INSOLVENCY GIVEN IMPOSSIBILITY OF
COMPANY TO MEET ITS CURRENT FINANCIAL OBLIGATIONS AND TO GIVE
CONTINUITY TO ITS BUSINESS
* INNOVATIVE SOLUTIONS ECOSYSTEM WILL CONTINUE ITS
OPERATIONS AND
SUBMIT REGULATED FINANCIAL INFORMATION TO LIFT SUSPENSION ON
TRADING OF ITS SHARES, AND CONTINUE TO SEEK NEW INVESTMENT
OPPORTUNITIES.
* SCYTL WHICH PROVIDES ELECTION DIGITIZATION SOLUTIONS, HAS
SIGNIFICANT WORKING CAPITAL CHALLENGES DUE TO SUSTAINED TRADING
LOSSES
* SCYTL HAS ALSO FAILED TO SECURE ALTERNATIVE FUNDS OR
INVESTMENT
AND THEREFORE HAS FILED FOR INSOLVENCY IN ACCORDANCE TO
APPLICABLE REGULATIONS
Source text for Eikon: ID:nCNM3R4Yrc
Further company coverage: ISE.MC
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))