Simris Alg

On Friday, October 18, 2024, the Company was informed that its main shareholder and chairman, Steven Schapera, passed away following complications from surgery. As previously communicated, the Company had entered into an agreement with Steven Schapera’s company for a loan facility, under which the Company could, upon request, receive payments according to the agreement. Prior to the surgery, the Company and Steven Schapera had taken several measures in case something went wrong, which have now been activated. However, the sudden and very unfortunate passing has resulted in the Company being in limbo regarding payments from the loan facility. This is due to the fact that the new representative for the loan facility will be announced as part of the estate settlement. The Company is therefore currently unable to confirm when the next payment will occur. At present, the Company has sufficient liquidity to continue its operations but is dependent on the payments resuming shortly. Meanwhile, the Company’s board is also reviewing other financing options in case the payments are further delayed.