Cyber Security 1 AB: Applies For Company Reorganisation, Whilst Continuing Operations

CYBER1 Applies For Company Reorganisation, Whilst Continuing Operations 

London United Kingdom – 06 May 2020 – Cyber Security 1 AB (Publ) (the "Company”) ("CYBER1”) (Nasdaq First North: CYB1), has today announced that, in light of current general trading conditions, the Company has decided to apply to the Stockholm District Court to approve an application for admission into a company reorganisation process.   

Following formal approval of admission, the CYBER1 group will throughout the reorganisation process trade as normal and such process will not affect the status of the Company as a listed entity on the Nasdaq First North Growth Market exchange.

It is anticipated that the process may last up to a period of 3 months during which period the Company will benefit from a moratorium from any formal action by a creditor against the Company.  The period may be extended, by application of the Company to court, if a compromise with its creditors is not obtained before the end of such period.

The Board of Directors believe that its chosen course of action is the most effective mechanism to stabilise the business at this challenging time and to begin the route to achieving long term profitability for the Company.

Information on the date and time of any creditor meetings at the Stockholm District Court will be communicated in due course by the Court appointed reconstructor.

The Company has requested Swedish law firm, Carler Law, be appointed to lead the process.

This information is information that CYBER1 is obliged to make public, pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 6 May 2020 at 17:30 CET.

Certified Adviser

Mangold Fondkommission AB is the Company’s Certified Adviser.
Telephone: +46 (0)8 5030 1550 E-mail: info@mangold.se

FOR FURTHER INFORMATION, PLEASE CONTACT:

European Investor Relations Contact:

Tim Metcalfe / Zach Cohen
CYBER1 Email: cyber1@investor-focus.co.uk

US-Investor Relations contact, CYBER1

Matt Glover: U.S Investor Relations contact, CYBER1
Email: cyber1@gatewayir.com

ABOUT CYBER1

CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through physical presences in UK, Sweden, Kenya, South Africa, United Arab Emirates and the United States. Listed on Nasdaq First North Growth Market (Nasdaq: CYB1.ST) and as an American Depositary Receipt (OTCQX: CYBNY), the Group delivers services and technology licenses to enhance clients’ protections against unwanted intrusions, to provide and enhance cyber resilience and to prevent various forms of information theft. CYBER1 had revenues of 68.73m EUR in 2019. For further information, please visit www.cyber1.com/investors.

For further information please visit: www.cyber1.com

For all company filings and reports, please visit: https://cyber1.com/cyber1-investor-information/