Brief: Hyon Announces Update On Strategic Review

Knox Energy Solutions AS

16/08/2023 12:16

Aug 16 (Reuters) - Hyon AS  HYON.OL :
    * HYON AS ANNOUNCES UPDATE ON STRATEGIC REVIEW
    * TO BROADEN ITS PREVIOUSLY ANNOUNCED STRATEGIC REVIEW
PROCESS TO
INCLUDE OPTIONS FOR CLOSING DOWN OPERATIONS
    * BOARD HAS RESOLVED TO ASSESS ALL COST REDUCTION MEASURES,
WHICH
MAY INCLUDE REDUCTION OF PERSONNEL
    * IT HAS AVAILABLE CASH TO COVER ITS OPERATIONS TO YEAR-END
2023
    * BOARD MAY HAVE TO TAKE ACTION TO REDUCE COST PRIOR TO
YEAR-END
TO MAINTAIN THIS POSITION
    * SHOULD LACK OF FUNDING EXTEND FURTHER IN TIME, COMPANY
WILL MOVE
TOWARDS A SITUATION WHERE IT WILL NOT BE ABLE TO FINANCE CURRENT
OPERATIONS
    * SHOULD REVIEW NOT RESULT IN ANY VIABLE OPTION FOR
CONTINUED
OPERATIONS, BOARD WILL ALSO CONSIDER CLOSING DOWN OPERATIONS AND
WINDING UP OF COMPANY

Source text for Eikon:  ID:nWkr7rpr65 
Further company coverage:  HYON.OL 

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