MagForce AG: Application for the Opening of Insolvency Proceedings

MagForce AG / Key word(s): Insolvency
MagForce AG: Application for the Opening of Insolvency Proceedings

26-Jul-2022 / 19:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Disclosure of an insider information acc. to Article 17 MAR of the Regulation (EU) No 596/2014

MagForce AG: Application for the Opening of Insolvency Proceedings

Berlin, July 26, 2022 – Today, the Management Board of MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), in consultation with the Supervisory Board, decided, to file an application for the opening of insolvency proceedings for MagForce AG with the competent local court of Charlottenburg due to insolvency after reorganizational measures did not result in expected cost savings.

The goal is to maintain and further establish NanoTherm therapy for the treatment of prostate cancer and glioblastoma in the market. MagForce AG is therefore in ongoing talks with investors to restructure its future operations and its balance sheet.

It is being examined whether insolvency applications must also be filed for subsidiaries of MagForce AG.

- End of Insider Information -

Contact:
MagForce AG, Max-Planck-Straße 3, 12489 Berlin
Barbara von Frankenberg
Vice President Communications & Investor Relations
T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

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