VILLEURBANNE, France--(BUSINESS WIRE)--Regulatory News:
NAVYA (FR0013018041- « Navya » or the « Company ») (Paris:NAVYA), announces having filed today a declaration of cessation of payments ("déclaration de cessation des paiements") with the Lyon Commercial Court.
The employee representative bodies were informed on this today.
Given the evolution of its share price and the liquidity of the shares on the market, Navya was no longer in a position to issue new tranches of OCABSA in an amount sufficient to cover all of its cash needs. In addition, all attempts to back it up with investors have failed.
To date, the Company reports current liabilities and does not have sufficient available resources to meet them.
In this context, the Company has today requested the opening of receivership proceedings (“procédure de redressement judiciaire”) with the Commercial Court of Lyon.
The purpose of these proceedings is to evaluate all solutions that could enable the Company to continue its activity in a lasting way, maintain employment, and also to attract investors within the framework of a recovery plan by way of continuation or a sale plan.
The Lyon Commercial Court will rule on this request for the opening of receivership proceedings during a hearing to be held on January 31, 2023. If the Commercial Court grants the Company's request, the Company will continue its current activities during the observation period.
Navya will inform the financial markets of the decision of the Lyon Commercial Court.
Navya has asked Euronext to suspend the listing of its shares from this morning before the opening of trading. Given the uncertainty regarding the outcome of the receivership proceedings and the steps taken by the Company, the suspension of the listing of the shares is maintained until further notice and may possibly never resume.
Press releases will be published regularly as the procedure moves forward.
NAVYA is a leading French company that specializes in the supply of autonomous mobility systems and related services. It was founded in 2014 and has a total of 280 employees in France (Paris and Lyon), in the United States (Michigan) and in Singapore. NAVYA’s aim is to become the benchmark provider of level 4 autonomous mobility systems for the transportation of people and goods. The company achieved a world first when it launched its Autonom® Shuttle for passengers in 2015. Since that year and up until 31 December 2021, more than 200 vehicles were sold in 25 countries. In 2021 Navya launched its industry equivalent, the Autonom® Tract, a tractor for the transportation of goods. The company is firmly and actively committed to CSR, and it was awarded the ISO 9001 certification in September 2021. The Valeo and Keolis groups count among Navya’s historical shareholders.
NAVYA is listed on the Euronext regulated market in Paris (ISIN code: FR0013018041- Navya).
For further information, visit our website: http://www.navya.tech