Marinomed Biotech AG Applies for Court Restructuring Proceedings

Marinomed Biotech AG (VSE:MARI), based in Korneuburg, Austria, has announced its intent to initiate court restructuring proceedings without self-administration. The decision follows the company's ongoing struggle to secure short-term liquidity, which has brought it to the brink of insolvency.

The company revealed that its revenue expectations for the 2024 fiscal year have not been met. The primary objective of the restructuring is to achieve long-term financial stability according to a detailed plan. This will involve various restructuring measures and potentially leveraging strategic options related to its Carragelose business.

In light of these developments, Marinomed has postponed the release of its half-year financial statements, originally scheduled for August 20, 2024. The company remains listed on several stock exchanges, including Vienna Stock Exchange and Tradegate Exchange.