Biolight is prepared for acquisition of new business
As previously announced, Biolight has evaluated its method in two parallel clinical studies. The Board’s conclusion from these studies is that it is not commercially viable to continue the company’s current operations.
However, Biolight, with a forecast cash at mid-year of 15.4 million, the listing in the stock market with 4188 shareholders, is very well positioned to acquire other operations in order to preserve the significant value of existing listing, ownership diversification and liquidity.
The Board therefore proposes that the Annual General Meeting at June 29, 2016 decide to change the name to Ascenditur AB and the association’s corporate purpose to be to generally relate to management of movable and immovable property. This gives Biolight full flexibility to acquire new business.
The Board also proposes that the AGM decide on a so-called reverse split of the company’s shares, whereby 100 shares are consolidated into one share. This optimizes the company’s share capital structure for the business change.
“The company provides an excellent platform for companies seeking listing and we have already received inquiries from a number of companies. This option is for the shareholders significantly more beneficial than to liquidate the company. The current operation has already been reduced to a minimum and is currently only pulling small costs. We therefore expect to be able to liquidate it in an orderly manner and thereby take advantage of the values in the business”, says Jenny Carenco, CEO of Biolight.
For more information please contact:
CEO, Biolight AB
+46 (0) 8 622 52 70, +46 (0) 706 37 76 36