Pure Biologics insolvent. The management board is looking for funds

The Pure Biologics Management Board has submitted a bankruptcy declaration of the company, Pure Biologics said in a statement. The company justifies the submission of the application by the fact that it has become insolvent.

It was stated that in the Company's opinion, the conditions for limiting bankruptcy would not be completed. The state of insolvency in which the company found itself was caused by a lack of cash to settle the due cash liabilities while losing the ability to finance activities from previously available sources, i.e. sales revenues, issue of shares, subsidies and loans.

The company points out that, despite submitting a bankruptcy petition, the management board is looking for sources of financing the company's operations. In the coming days, the company's general meeting will take place, during which, among others, Resolutions regarding the issue of the Company's shares – it was written.

“Acquiring funds is necessary to continue the company's operations. The management board continues intensive work in this respect and hopes that the necessary financing will be able to secure. Submission of a bankruptcy petition was in the current situation a necessity resulting from legal provisions, but in the script in which the funds will be obtained, this application will be withdrawn ” – added. (PAP Biznes)

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