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Qlife Holding AB's subsidiary Qlife ApS terminates corporate restructuring and files for bankruptcy. Qlife Holding AB investigates a capital raise and to submit an offer to repurchase the assets.

REG

Today, the reconstructor, has concluded that there is no viable path to secure financing for Qlife’s subsidiary, Qlife ApS. Consequently, the board of directors has decided to declare bankruptcy for Qlife ApS. Following this conclusion, the Company is currently devising a plan to acquire and to create the prerequisites for the business currently run by Qlife ApS to continue operating with long-term sustainable financing in Qlife. The preliminary plan includes the following:

  • The wholly owned subsidiary Qlife ApS will be declared bankrupt. The bankruptcy applications will be filed within short.
  • Qlife is seeking to make an offer to purchase the assets from the estate.
  • A capital raise in Qlife is investigated to (i) finance an offer to acquire the assets from Qlife ApS and (ii) to secure its long-term operations.

Background and rationale
Since its inception, Qlife has invested hundreds of millions of SEK in its operating subsidiary Qlife ApS to develop and commercialize the patented product Egoo-Health. On 7 December 2023, Qlife announced that the Company had entered into a collaboration agreement with the industry-leading point-of-care diagnostics company, Hipro Biotechnology (“Hipro”). In accordance with the agreement, Hipro agreed to lead the regulatory process to secure approvals from the China Food and Drug Administration (“CFDA”) for Egoo-Health. Hipro also agreed to cover the costs and lead the production, distribution, and sales of Egoo Health to Chinese hospitals. The agreement was projected to generate revenues between 300 and 500 million SEK upon full implementation, which was anticipated to occur within five years. Therefore, the board of directors believes that there are compelling reasons to continue operations in the Company and to attempt to acquire Egoo Health. The Company is currently in discussions with financial and legal advisors to raise capital with the intention of submitting an offer to repurchase the assets of the subsidiary.

For more information please contact:

Thomas Warthoe
Chief Executive Officer (CEO)
Phone: +45 21 63 35 34
E-mail: tw@egoo.health
 

This disclosure contains information that Qlife Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 2024-07-19 09:10 CET

Datum 2024-07-19, kl 09:10
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