Hopium announces its placement under judicial recovery and the resumption of its share trading on Euronext Growth Paris
Hopium (ALHPI - FR0014000U63) announces the initiation of a judicial recovery procedure aimed at allowing the continuation of its operations, the settlement of its debts, and the reorganization of the company as part of a continuity plan that will be presented at the end of a 6-month observation period.
By judgment dated July 19th, the Paris Commercial Court has opened a judicial recovery procedure for HOPIUM for an initial 6 months (until January 19th, 2024), which may be extended for another 6 months.
This procedure places HOPIUM under the protection of the Court by freezing all debts prior to July 19th. These will be repaid as part of the continuation plan that the Company intends to submit to the Court during the observation period.
In the meantime, Hopium will continue to benefit from the support of its financial partner, Atlas Special Opportunities (refer to press release of July 20th, 2023, "Signature of an amendment to the contract concluded with Atlas Special Opportunities").
This support will allow Hopium to continue the development of its hydrogen stack up to Technology Readiness Level (TRL) 6 (demonstration of a prototype or system/subsystem model in a representative environment) by focusing its resources on the R&D plan to demonstrate the maturity of its proprietary technology and its ability to serve the mobility sectors.
The observation period will also allow the Company to continue contacts and discussions with potential industrial and commercial partners.
Partners and suppliers who maintain their business relationships with the Company during the judicial recovery period will be paid promptly for upcoming services and deliveries. The Company commits to presenting a plan with the most favorable terms for its creditors in the shortest time frame provided by law.
HOPIUM announces that it has asked Euronext to resume trading of its shares (ALHPI - FR0014000U63) listed on the Euronext Growth market in Paris, starting from Friday, July 21st, 2023.
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