(AWP) French-speaking Swiss company Leclanché (LECN 0.4655 -6.90%) He secured 15 million Swiss francs of funding from various stakeholders.
This is used to cover short-term liquidity needs, Leclanché said in a statement on White Monday. These agreements will be implemented in the month of June.
The company is in dire need of fresh funds due to its current financial position. It is currently raising capital through a US-based Special Purpose Acquisition Company (SPAC). With this Leclanché has signed an exclusive Letter of Intent.
“Leclanché believes that due diligence has been completed and expects to begin negotiations on the merger agreement,” the battery manufacturer said on Monday.
However, Leclanché appears to be insufficient: “In the meantime, the company has begun talks with other shortlisted SPACs to ensure a competitive bidding process,” the French-speaking Swiss wrote in the statement.
Originally, Leclanché planned that the deal with US-SPAC would be the cornerstone of merging SPAC with its wholly owned subsidiary, Leclanché E-Mobility. The combined company should then be listed on the New York Stock Exchange before the end of September 2022.
But it has now said: “In addition to the ongoing merger negotiations between Leclanché E-Mobility and the US-listed special purpose buyout company, the company has entered into discussions with major industrial companies and other financial institutions for the full financing of its – year plan.” Confidential discussions are underway with some of the major industrial companies for a strategic investment in Leclanché E-Mobility.
Another delay for the 2021 annual result
In light of the ongoing merger talks, Leclanché has again submitted a request to publish the 2021 financial statements at a later date. The regulator of the Swiss Stock Exchange SIX (SER) has accepted the company’s request to publish annual financial statements for the year 2021 by June 30, 2022 at 11:59 PM. SER had previously given Leclanché a deadline until today. If Leclanché does not meet the new deadline, SER reserves the right to suspend trading in the shares.
The company requested an extension of the deadline for publishing the annual report for 2021 in order to take measures to eliminate over-indebtedness and to regulate the financing of the company as a going concern. Leclanché achieved additional dependency on loans from major shareholder SEFAM in order to eliminate over-indebtedness. “The company has also made arrangements to finance the business plan until June 2023,” the French-speaking Swiss wrote.
The battery manufacturer also continues to struggle with global supply chain issues. It said this would lead to a temporary disruption in production and affect the company’s ability to deliver on short notice.
Leclanché also promoted Jean-François Stinger to Deputy Chief Financial Officer. He will serve as Leclanché’s Chief Financial Officer until further notice. Stinger previously served as the group’s financial controller. “With this change, the company is terminating Fabrizio Paoletti’s temporary contract. We thank Fabrizio for standing by the company at a crucial moment.”
The full history of Leclanché can be found here. »
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