CybAero files for bankruptcy

As previously reported CybAero has funding in place – but can not use it as trading of the company's shares has stopped. As a result, the board feels compelled to apply for bankruptcy. In a press release regarding the decision, CybAero’s CEO, Tommy Magnusson, comments; “During my three months as CEO, I, together with my colleagues, have done everything possible to prevent the situation we are today.” He goes on saying that since the trading halt on February 15, CybAero has diligently pursued Nasdaq to try to clarify what barriers exist for the company to resume trading. “The company has also continuously implemented quality measures. In parallel with this, the management has investigated other possible options and funding has been close to hedging on several occasions. Operational activities have continued in the meantime and several new business opportunities have opened,” Magnusson says. “My hope is that CybAero will be rebuilt under the leadership of new owners after bankruptcy,” Magnusson adds.