Voxeljet AG has confirmed that its proposed sale to funding agency Anzu Companions LLC is not going to be transferring ahead.
The deal, which was introduced in December final 12 months and regarded as price round 20 million EUR, didn’t obtain the required majority of votes to be carried out. The closing of the transaction was anticipated to occur in March or April, and the additive manufacturing (AM) firm is now present process a restructuring plan in accordance with the German Firm Stabilization and Restructuring Act (“StaRUG”) with monetary contributions from its major creditor, affiliated with Anzu, to revive its monetary functionality. Subsequently, its administration and supervisory boards have filed a restructuring measure in accordance with StaRUG with the Native Courtroom of Munich.
The plan is claimed to incorporate changes to the promissory observe loans granted by the primary creditor, together with a debt waiver totaling EUR 3,500,000, beginning with EUR 500,000 in 2025 adopted by EUR 1,500,000 in 2026 and 2027. As well as, the annual rate of interest will likely be decreased to three% p.a. from July 2026 onwards. No curiosity funds are due between August 2025 and June 2026. The time period of the loans will likely be prolonged till no less than 2030.
The corporate has additionally mentioned that the restructure will present a simplified discount of the share capital of Voxeljet AG to zero, which is able to end result within the exclusion of present shareholders of Voxeljet AG with out compensation. This will likely be adopted by a capital improve excluding shareholders’ subscription rights. The brand new shares will likely be subscribed by the primary creditor as investor, who will contribute new fairness capital of EUR 2,500,000 as a part of the capital improve.
In a press launch, Voxeljet claimed it’s unlikely that that the capital measures outlined within the restructuring plan will acquire the required approval of the overall assembly (no less than 75% of the share capital current), and subsequently expects the plan will likely be carried out in accordance with StaRUG. The corporate added that preparation, auditing, and publication of the annual and consolidated monetary statements will solely be potential as soon as the implementation of the restructuring plan has been secured and can subsequently delay the publication of its annual and consolidated monetary statements for 2024 till the second half of August 2025 on the earliest.
In March 2024, Voxeljet voluntarily delisted from the Nasdaq inventory change in an effort to cut back bills. The transfer got here simply six months after its administration and supervisory board initiated a proper overview course of to judge strategic alternate options together with investments, mergers and acquisitions, and joint ventures, strategic partnerships, or different transactions. Talking to TCT’s Deep Dives e-newsletter shortly after delisting, Rudolf Franz, CEO at Voxeljet AG mentioned the corporate had performed a monetary efficiency analysis and cost-benefit evaluation earlier than coming to the choice. Throughout that course of, the corporate is claimed to have discovered its ‘elevated income and EBITDA efficiency’ was not mirrored in its inventory worth. Franz mentioned, “The fee-benefit evaluation revealed that the potential drawbacks of being a public firm outweigh the benefits.
