Valoe Oyj

Valoe Corporation held its Annual General Meeting (AGM) on June 28, 2024, in Mikkeli, Finland. The AGM approved the remuneration report for the company's governing bodies and decided that the Board of Directors will continue with four members: Hannu Savisalo, Ville Parpola, Tuomas Honkamäki, and Iikka Savisalo. Hannu Savisalo was elected as Chairman and Ville Parpola as Vice Chairman of the Board. The AGM resolved on annual remuneration for the Board members and authorized the Board to decide on a share issue of up to 4,500,000 shares for various financial purposes. Due to the lack of an elected auditor, the financial statements for 2023 and related agenda items were not discussed and have been postponed to a follow-up meeting. Valoe Corporation specializes in solar power applications for vehicles and electronics, with facilities in Finland and Lithuania.

Valoe Corporation's administrator, Attorney Pekka Jaatinen, submitted a restructuring programme proposal to the North Savo District Court on 24 June 2024. The programme aims to restore the company's business, maintain competitiveness, and restructure debts as necessary. It includes offering creditors the option to convert unsecured debt into shares and a payment schedule for the remaining debt. The restructuring, along with cost reductions and other measures, is expected to improve Valoe's chances of securing long-term financing. Valoe seeks new financing to grow its business, aiming to become a significant supplier of solar energy applications for vehicles and portable electronics. Valoe Corporation designs and manufactures solar power applications, utilizing its own technology and solar cells produced in Lithuania. The company is headquartered in Mikkeli, Finland, with production facilities in Finland and Lithuania.

Valoe Corporation's restructuring proceedings, initiated on 22 January 2024 by the District Court of North Savo, have had their deadline for submitting a draft restructuring plan extended to 24 June 2024, following a request from administrator Pekka Jaatinen. Valoe Corporation specializes in designing, manufacturing, and selling solar power application projects, particularly for vehicles and electronics, using its 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.

Valoe Corporation has issued a notice to its shareholders regarding the Annual General Meeting (AGM) scheduled for 28 June 2024 at 11:30 AM (Finnish time) at the Concert and Congress Hall Mikaeli in Mikkeli, Finland. The meeting will address various agenda items, including the adoption of the Remuneration Report for Governing Bodies 2023, resolutions on the number and remuneration of Board members, election of Board members and an auditor, and authorization for the Board to decide on a share issue. The financial statements and related documents for 2023 will also be presented. Shareholders registered by 17 June 2024 are eligible to participate and must register by 25 June 2024. Proxy representation is allowed with proper documentation. The notice and related documents are available on Valoe Corporation’s website.

Valoe Corporation announced that its Board of Directors has discovered the company has negative equity and has filed a notice of the loss of share capital with the Finnish Trade Register. The company entered restructuring proceedings on 22 January 2024, and a draft restructuring programme is to be submitted to the court by 14 June 2024. The Board expects the restructuring to significantly improve the company's equity. If the programme is not approved, the Board will take measures to address the financial situation and will convene a General Meeting. Valoe Corporation designs and manufactures solar power applications, with headquarters in Mikkeli, Finland, and production facilities in Juva, Finland, and Vilnius, Lithuania.

Valoe Corporation has released its Annual Report for 2023, which includes the Report of the Board of Directors, the Financial Statements, and the Corporate Governance Statement. The company has also disclosed its Remuneration Report for 2023. However, these reports are currently unaudited due to the resignation of the auditor elected at the 2023 Annual General Meeting. A new auditor will be chosen at the next Annual General Meeting. The audited Financial Statements and Directors' Report will be released in a single electronic format. The reports are available in Finnish and English on the company's website. Valoe Corporation, headquartered in Mikkeli, Finland, designs, manufactures, and sells solar power application projects.