Pressmeddelanden, rapporter och bolagsmeddelande för Valoe Oyj

Valoe Corporation has announced a delay in the release of its Business Review for July to September 2024. Initially scheduled for publication on 14 November 2024, the report will now be disclosed by 30 November 2024 due to ongoing restructuring proceedings. Valoe Corporation, based in Mikkeli, Finland, specializes in designing, manufacturing, and selling solar power applications for vehicles and electronics, utilizing its proprietary back contact technology and IBC solar cells produced in Lithuania.

On October 2, 2024, Valoe Corporation's administrator, Attorney Pekka Jaatinen, applied to the North Savo District Court to suspend the company's restructuring proceedings due to uncertainty about securing necessary financing. The company is continuing its financing negotiations. If successful, the suspension application may be withdrawn. Valoe Corporation designs, manufactures, and sells solar power applications, particularly for vehicles and electronics, using proprietary technology. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.

Valoe Corporation's Half-Year Report for January to September 2024 reveals significant financial challenges. The company's net sales dropped to approximately EUR 0.2 million from EUR 0.9 million in 2023. EBITDA and EBIT improved slightly but remained negative at EUR -1.0 million and EUR -1.7 million, respectively. The profit for the period was EUR -2.0 million, an improvement from EUR -3.2 million in 2023. Valoe's equity ratio, including capital loans, was -47.6%. The District Court of Pohjois-Savo initiated restructuring proceedings for Valoe on 22 January 2024, and a restructuring programme proposal was submitted on 24 June 2024. The company's Board of Directors found negative equity and filed a notice of loss of share capital in May 2024. Valoe's 2023 financial statements remain unaudited, leading to an adjournment of the Annual General Meeting. Trading in Valoe's shares has been suspended since December 2023. Post-reporting period, the company extended the subscription period for a convertible bond and faced a bankruptcy petition from Ilmarinen Mutual Pension Insurance Company, which was later withdrawn. Another bankruptcy application was filed by a senior executive, which Valoe opposed. Managing Director Iikka Savisalo highlighted cost-cutting measures and a focus on key client relationships in automotive, electronics, and space industries. Despite financial difficulties, Valoe delivered prototypes to major clients. The company is negotiating for financing solutions, which are critical for its future operations. Valoe's future outlook is uncertain, with operations nearly halted due to delayed financing. The company is not providing market guidance for 2024. Key financial figures for the first half of 2024 show a significant decline in net sales and continued losses. The equity ratio worsened, and liquid assets were minimal. Research and development costs decreased, and gross investments were minimal. The company employed 42 people at the end of June 2024, with salaries and fees totaling EUR 0.6 million. Valoe's share capital was EUR 80,000 with 3,116,630 shares, and trading remains suspended. Valoe's most significant risk is securing necessary financing to avoid bankruptcy. The Board of Directors has authorized a share issue to raise capital, which remains in force until June 2025. The company's future depends on quickly finding a comprehensive financing solution.

Valoe Corporation has announced that its Board of Directors has decided to extend the subscription period for Convertible Bond 1/2023, initially disclosed on 14 July 2023, until 31 December 2024 at 6.00 pm. Valoe Corporation specializes in designing, manufacturing, and selling solar power applications, particularly for vehicles and electronics, using its proprietary back contact technology and IBC solar cells produced at its factory in Lithuania. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania. For more information, contact Iikka Savisalo, President and CEO of Valoe Corporation.

Valoe Corporation announced that its Senior Vice President for the solar cell business in Lithuania, Mr. Jose Basso, has filed for the company's bankruptcy due to claims arising from a terminated agreement, amounting to approximately EUR 60,000. Valoe disputes these claims and plans to oppose the bankruptcy application. The agreement between the parties ended on May 31, 2024. Valoe Corporation specializes in designing, manufacturing, and selling solar power application projects, particularly for vehicles and electronics, using their proprietary back contact technology and IBC solar cells produced in Lithuania. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.

Valoe Corporation has announced a postponement of its Half-year Financial Report, which will now be disclosed on 30 September 2024 instead of the previously scheduled date of 29 August 2024. The delay is due to ongoing restructuring proceedings within the company. Valoe Corporation specializes in designing, manufacturing, and selling solar power application projects, particularly for vehicles and electronics, utilizing its proprietary back contact technology and IBC solar cells produced in its Lithuanian factory. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.

Valoe Corporation's Board of Directors has decided to extend the subscription period for Convertible Bond 1/2023 until 30 September 2024 at 6:00 pm. The company specializes in designing, manufacturing, and selling solar power applications, particularly for vehicles and electronics, utilizing its own back contact technology and IBC solar cells produced at its factory in Lithuania. Valoe is based in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania. For further information, contact Iikka Savisalo, President and CEO.

Valoe Corporation announced that the deadline for submitting statements concerning its draft restructuring program expired on 22 July 2024. However, one creditor requested an extension, which the District Court of North Savo granted until 15 August 2024. The administrator, Mr. Pekka Jaatinen, will prepare a report on the claims and statements received after this extension period and may propose changes to the draft restructuring program if necessary. Valoe Corporation designs, manufactures, and sells solar power application projects, particularly for vehicles and electronics, using its own back contact technology and IBC solar cells produced in Lithuania. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.

Valoe Corporation has settled its debt with Ilmarinen Mutual Pension Insurance Company, leading to the withdrawal of Ilmarinen's bankruptcy petition against Valoe. The company's restructuring proceedings are ongoing, with a proposal for the restructuring program submitted to the North Savo District Court. The deadline for submitting claims and statements regarding the restructuring has passed. The administrator will now compile a report for the court and may suggest changes to the restructuring plan. Valoe Corporation specializes in designing, manufacturing, and selling solar power applications, particularly for vehicles and electronics, with facilities in Finland and Lithuania.

Valoe Corporation announced that Ilmarinen Mutual Pension Insurance Company has filed a bankruptcy petition against them, citing a claim of approximately EUR 22,000. Valoe believes it can settle the claim and continue its restructuring proceedings. Valoe Corporation specializes in designing, manufacturing, and selling solar power applications for vehicles and electronics, using proprietary back contact technology and IBC solar cells produced in Lithuania. The company is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania. For further information, contact Iikka Savisalo, President and CEO of Valoe Corporation.