Brief: Observe Medical Reports Challenging Liquidity Situation

Observe Medical ASA

04/07/2023 14:55

July 4 (Reuters) - Observe Medical ASA  OBSRV.OL :
    * FINANCING AND COST REDUCTION ACTIVITIES
    * ENCOUNTERED DIFFICULTIES IN SECURING CONTEMPLATED CAPITAL
ALTERNATIVES
    * HAS NOT BEEN SUCCESSFUL IN SECURING ITS FUNDING OBJECTIVES
    * FACING LIQUIDITY CHALLENGES IN SHORT AND MEDIUM TERM
    * PROCESS OF RAISING CAPITAL THROUGH EQUITY AND/OR EXTERNAL
DEBT
CANNOT BE CONCLUDED BEFORE SUMMER HOLIDAYS AND IS NOW EXPECTED
TO BE CONTINUED IN JULY/AUGUST
    * HAS INITIATED SHORT TERM COST-SAVING MEASURES, INCLUDING
OPERATIONAL MEASUREMENTS AND A TEMPORARY LAYOFF OF STAFF
    * NO ASSURANCE CAN BE GIVEN THAT COMPANY WILL BE ABLE TO
SECURE
FINANCING REQUIRED TO MEET FUTURE LIQUIDITY REQUIREMENTS

Source text for Eikon:  ID:nWkr6Cc8YZ 
Further company coverage:  OBSRV.OL 

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