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© filipefrazao84 dreamstime.com_ Business | August 24, 2021

Voltabox expects timely divestment of US business

Voltabox AG announced the timely completion of the sale of its US business. According to the progress of the negotiations of the current majority shareholder paragon GmbH & Co. KGaA on the sale of the Voltabox shares, the Voltabox Management Board now assumes that the entry of new shareholders is imminent.

By selling its entire US business, Voltabox is "about to take an important step in the final phase of its reorganization", a press release states. The divestment is taking place as part of an asset deal to a strategic US investor after the original plan of an MBO did not materialise. A corresponding draft agreement has been submitted and is currently being finalised by the parties. The closing of the transaction is expected to take place in September. By realizing the deal, a major cause for a considerable burden on earnings and cash flow in the past will be eliminated in the long term. The parties have agreed to keep the purchase price for the transaction confidential. The reorganisation of Voltabox pursues the strategic goal of achieving break-even in the short term by focusing regionally on defined fields of application in the field of electromobility. In addition, the company expects the entry of new shareholders in the short term as part of the sale of shares by paragon GmbH & Co. KGaA. According to the company's half-year financial statements, total assets decreased by 1.7% to EUR 39.4 million as of June 30, 2021 (December 31, 2020: EUR 40.1 million). Equity amounted to EUR 10.0 million as of the balance sheet date (December 31, 2020: EUR 15.4 million). This corresponds to an equity ratio of 25.3% (December 31, 2020: 38.3%). Free cash flow amounted to EUR -0.8 million in the reporting period (prior year: EUR 0.5 million).
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September 24 2021 9:40 am V18.23.0-2