Mauna Kea Technologies Announces the Opening of a Safeguard Proceeding to Restructure Its Financial Liabilities

The aim of the procedure is to optimize the Company's financial structure in order to adapt it to the needs of its future growth

The procedure will also provide a protective framework favorable to the progress of ongoing discussions with strategic and financial partners

The Company's liabilities prior to the proceedings are frozen during the proceedings

PARIS & BOSTON--(BUSINESS WIRE)--Regulatory News:

Mauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio^®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announced that the Tribunal des activités économiques de Paris (Paris Business Court) has granted its request to open safeguard proceedings, in view of its financial situation. The Company's financial horizon is currently secured until the end of June 2025.

This initiative is part of a proactive determination by Mauna Kea Technologies' management to create the most favorable conditions for the success of its transformation, and to maximize the unique value of its technology. During this observation period, the Company will continue to operate under the legal protection offered by the procedure, while benefiting from more favorable conditions to conclude its strategic and financial negotiations. As such, the Company's liabilities prior to the proceedings are frozen for the duration of the proceedings.

In this context, Mauna Kea Technologies intends to finalize ongoing discussions with several strategic partners and long-term financial investors.

At the same time, the Company will engage in negotiations with its creditors to reach a balanced financial structure, reducing its indebtedness and securing the necessary liquidity to enable it to deploy its strategic plan towards profitability. To date, the Company's liabilities stand at €36 million, including €31 million in financial debt.

In this context, the Paris Business Court has appointed SELARL THEVENOT PARTNERS, in the person of Aurélia Perdereau, as administrator with monitoring responsibility for Mauna Kea Technologies, and SCP BTSG, in the person of Stéphane Gorrias, as judicial representative.

The Company will keep the market informed of developments in the proceedings and, more generally, of the financial situation of Mauna Kea Technologies.

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About the safeguard proceedings

The safeguard proceedings can last up to twelve months and protect companies that are not in cessation of payments, enabling them to resolve their difficulties and continue their activities.

About Mauna Kea Technologies

Mauna Kea Technologies is a global medical device company that manufactures and sells Cellvizio®, the real-time in vivo cellular imaging platform. This technology uniquely delivers in vivo cellular visualization which enables physicians to monitor the progression of disease over time, assess point-in-time reactions as they happen in real time, classify indeterminate areas of concern, and guide surgical interventions. The Cellvizio® platform is used globally across a wide range of medical specialties and is making a transformative change in the way physicians diagnose and treat patients. For more information, visit www.maunakeatech.com.

Disclaimer

This press release contains forward-looking statements about Mauna Kea Technologies and its business. All statements other than statements of historical fact included in this press release, including, but not limited to, statements regarding Mauna Kea Technologies' financial condition, business, strategies, plans and objectives for future operations are forward-looking statements. Mauna Kea Technologies believes that these forward-looking statements are based on reasonable assumptions. However, no assurance can be given that the expectations expressed in these forward-looking statements will be achieved. These forward-looking statements are subject to numerous risks and uncertainties, including those described in Chapter 2 of Mauna Kea Technologies' 2023 Annual Report filed with the Autorité des marchés financiers (AMF) on April 30, 2024, which is available on the Company's website (www.maunakeatech.fr), as well as the risks associated with changes in economic conditions, financial markets and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this press release are also subject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not currently consider material. The occurrence of some or all of these risks could cause the actual results, financial condition, performance or achievements of Mauna Kea Technologies to differ materially from those expressed in the forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or subscribe for, or the solicitation of an order to buy or subscribe for, shares of Mauna Kea Technologies in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The distribution of this press release may be restricted in certain jurisdictions by local law. Persons into whose possession this document comes are required to comply with all local regulations applicable to this document.