Curalogic board recommends liquidation
This article was originally published in Scrip
Executive Summary
Curalogic's board of directors has recommended that the company be liquidated after it failed to secure any new development projects. The company was in talks with seven Danish and foreign biotech companies but the board was unable to agree to any transaction, the company said. Curalogic estimates that the current proceeds per share stand at DKK4.60-4.80, assuming that the liquidation will be initiated by the end of the year and that the company will have around DKK281 million ($48.1 million) in cash and cash equivalents; that 3,246,976 warrants will be exercised against payment of DKK 6.1 million; and that the costs of termination and liquidation will be around DKK6-8 million. Curalogic currently has around DKK281 million in cash and cash equivalents, though this is likely to fall to DKK273-275 million following termination and liquidation costs. The company has scheduled an extraordinary general meeting for December 11th, where the board will put forward the proposal of liquidation.