CARMAT Announces Being in a Critical Financial Situation and at Risk of Insolvency as of End-June 2025
PARIS--(BUSINESS WIRE)--Regulatory News:
CARMAT (FR0010907956, ALCAR), designer and developer of the world's most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the ' Company ' or ' CARMAT '), today announces being in a critical financial situation and at risk of insolvency as early as the end of June 2025.
Critical financial situation and risk of insolvency at the end of June 2025
When reporting its full-year 2024 results (press release dated April 29, 2025), on April 29, 2025, the Company had indicated that it was funded until mid-June 2025 and actively working on financing options to secure, in the short term, the resources needed to continue its operations beyond that date.
Despite all its efforts, in a very challenging funding environment—particularly for small and mid-cap companies—the Company has not, to date, been able to secure such financing and will be in a situation of insolvency at the end of June 2025 unless it manages, before then, to secure additional cash of at least €3.5 million.
More generally, based on its current business plan, the Company estimates its 12-month financial needs at approximately €35 million, including around €20 million by end-December 2025 (broken down into €8 million by end-July, an additional €4 million by end-September, and a further €8 million by end-December 2025).
Next steps and launch of a donation campaign
CARMAT continues to actively explore all financing options to ensure business continuity beyond June 2025.
In parallel to this, the Company is today launching a donation campaign through an online platform, which is the subject of a separate press release (link to the press release).
Press releases will be issued regularly to keep shareholders and the financial community informed of any developments regarding the Company's financial situation.
About CARMAT
CARMAT is a French MedTech that designs, manufactures and markets the Aeson ® artificial heart. The Company's ambition is to make Aeson ® the first alternative to a heart transplant, and thus provide a therapeutic solution to people suffering from end-stage biventricular heart failure, who are facing a well-known shortfall in available human grafts. The world's first physiological artificial heart that is highly hemocompatible, pulsatile and self-regulated, Aeson ® could save, every year, the lives of thousands of patients waiting for a heart transplant. The device offers patients quality of life and mobility thanks to its ergonomic and portable external power supply system that is continuously connected to the implanted prosthesis. Aeson ® is commercially available as a bridge to transplant in the European Union and other countries that recognize CE marking. Aeson ® is also currently being assessed within the framework of an Early Feasibility Study (EFS) in the United States. Founded in 2008, CARMAT is based in the Paris region, with its head offices located in Vélizy-Villacoublay and its production site in Bois-d'Arcy. The Company can rely on the talent and expertise of a multidisciplinary team of circa 200 highly specialized people. CARMAT is listed on the Euronext Growth market in Paris (Ticker: ALCAR / ISIN code: FR0010907956).
For more information, please go to www.carmatsa.com and follow us on LinkedIn.
Disclaimer
This press release and the information it contains do not constitute an offer to sell or subscribe, nor a solicitation of an offer to buy or subscribe, for CARMAT shares in any country.
This press release may contain forward-looking statements regarding the Company's objectives and outlook. These forward-looking statements are based on the current estimates and anticipations of the Company's management and are subject to risk factors and uncertainties, including those described in its Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers) (the 'AMF') under number D.25-0345 (the ' 2024 Universal Registration Document '), available free of charge on the websites of CARMAT (www.carmatsa.com/en/) and the AMF (www.amf-france.org).
Readers' attention is particularly drawn to the fact that the Company's current cash runway extends only until the end of June 2025, and that CARMAT is therefore facing a very high risk of default, including in the very short term. The Company is also exposed to other risks and uncertainties, such as its ability to implement its strategy, the pace of development of its production and sales, the progress and results of ongoing or planned clinical trials, technological developments, the competitive landscape, regulatory changes, industrial risks, and all risks related to the management of the Company's growth. Forward-looking statements mentioned in this press release may not be achieved due to these factors or other unknown risks and uncertainties, or risks that the Company does not currently consider to be material or specific.
Aeson® is an active implantable medical device commercially available in the European Union and other countries recognising the CE mark. The Aeson® total artificial heart is intended to replace the ventricles of the native heart and is indicated as a bridge to transplant in patients with end-stage biventricular heart failure (Intermacs classes 1-4) who cannot benefit from maximal medical therapy or a left ventricular assist device (LVAD) and who are likely to benefit from a heart transplant within 180 days of implantation. The decision to implant and the surgical procedure must be carried out by healthcare professionals trained by the manufacturer. The documentation (clinician's manual, patient's manual and alarm booklet) must be read carefully to learn about the characteristics of Aeson® and the information required for patient selection and proper use (contraindications, precautions, side effects) of Aeson®. In the United States, Aeson® is currently only available as part of a feasibility clinical trial approved by the Food & Drug Administration (FDA).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
39 minutes ago
- Business Insider
Why defense and Airbus dominated this year's Paris Air Show
Airbus won the orders game at an unusual Paris Air Show, overshadowed by geopolitical tensions and last Thursday's Air India plane crash. Boeing chose not to announce any orders and kept a low profile. The sense of mourning was palpable inside the company's chalet. All staff wore Air India pin badges to commemorate Flight 171. "This show definitely has a very different tone for us in the Boeing company," said Turbo Sjogren, senior vice-president for government services, as he began its first media briefing on Tuesday. "When you go into our chalet, when you go into our exhibit, you will see not only flowers, but you will see all Boeing employees wearing this," he added, pointing to his pin. "It's been a very tough time for us, and it affects all of our employees." Both CEO Kelly Ortberg and the chief of its commercial airplanes division, Stephanie Pope, canceled their plans to attend the show. Even as Airbus announced order after order, airline and lessor CEOs began signing ceremonies by expressing sympathy for the victims in Ahmedabad. The European planemaker tallied 142 firm commercial aircraft orders, including 25 A350-1000s from Saudi Arabia's new airline, Riyadh Air. Additionally, Vietnam's VietJet signed an agreement to buy 100 A321neos. Embraer also scored big, as regional airline SkyWest ordered 60 E175 jets in a deal the Brazilian firm valued at $3.6 billion. With 2,500 exhibitors from 48 countries, the global nature of aviation was tangible at Le Bourget Airport — where Charles Lindbergh landed the Spirit of St Louis after his historic transatlantic flight in 1927. However, geopolitical tensions bubbled over amid the conflicts in Gaza and between Israel and Iran. Five Israeli defense companies arrived on Monday to find organizers had blocked off their stands overnight with large black walls. The French government had ordered them to remove offensive weapons from their pavilions, but they declined to do so, Israel's ministry of defense said in a statement. "They're saying that they would discuss it with us and see what goes out, but when we came here this morning, it was unilaterally done," Shlomo Toaff, an executive vice president at Rafael, told reporters. Business Insider saw half a dozen police officers gathered by the pavilions on Monday morning, and two officers standing guard throughout the week. French Prime Minister François Bayrou said the decision was made given "extreme tensions" in the region and "France's diplomatic choices, in particular the very great concern about Gaza." Meanwhile, the F-35 appeared to be the most popular aircraft of the flying displays. Nearly everyone on the tarmac stopped, phones pointed skyward, below the deafening roar of the fighter jet that Israel has used to bomb Gaza and Tehran. Compared to past major shows, it was a salient reminder of an increasingly troubled world. Qatar Airways CEO Badr Mohammed Al-Meer also pulled out of the air show at the last minute. In a video message after the airline was named the world's top carrier for the ninth time, he said he flew home from Paris on Monday, "to focus on our operational responsibilities due to the geopolitical situation in the Middle East." "It feels incredibly strange not to be there," Al-Meer added. "In over a decade with our airline and airport, I've never missed a Skytrax ceremony." Growing conflicts and President Donald Trump 's policies have prompted European countries to increase their defense spending and seek more autonomy over military programs. About 45% of the Paris Air Show was dedicated to defense and security, a "strong increase" from 2023, organisers said. The event is typically far more focused on civil aviation, especially compared to the UK's defense-leaning Farnborough Air Show, with which it alternates each year. While there were reasons for industry figures to feel despondent this week, the sector is starting to move on from recent troubles. At last year's Farnborough show and Paris the year before, the main theme was recovering from the pandemic. Passenger numbers have now eclipsed 2019 levels, and while the supply chain is still struggling, constraints are easing. "There is renewed optimism around the ability to restore capacity," said Chad Stecker of Incora, a supply chain solutions provider for aerospace and defense firms. "We're not out yet, I would say," he told BI. "But there's really a life at this show, a renewed life, and optimism around where we're headed."
Business Insider
3 hours ago
- Business Insider
TruGolf Announces Reverse Stock Split
Salt Lake City, Utah, June 18, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, today announced that it filed an amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-50 reverse stock split of its Class A common stock. The reverse stock split will take effect at 12:01 am (Eastern Time) on June 23, 2025, and the Company's Class A common stock will open for trading on The Nasdaq Capital Market on June 23, 2025 on a post-split basis, under the existing ticker symbol 'TRUG' but with a new CUSIP number 243733409. As a result of the reverse stock split, every fifty shares of the Company's Class A common stock issued and outstanding prior to the opening of trading on June 23, 2025 will be consolidated into one issued and outstanding share. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company's equity incentive plans. The Class A common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not affect the number of authorized shares of Class A common stock or the par value of the Class A common stock. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would become entitled to a fractional share because the number of shares of Class A common stock they hold before the reverse stock split is not evenly divisible by the split ratio. Instead, the stockholder will be entitled to receive a cash payment in lieu of a fractional share. As a result of the reverse stock split, the number of shares of Class A common stock outstanding will be reduced from approximately 40.5 million shares to approximately 0.8 million shares, and the number of authorized shares of Class A common stock will remain at 650 million shares. About TruGolf, Inc. Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. Forward-Looking Statements This news release contains certain statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute 'forward-looking statements' and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of the reverse stock split. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website,
Business Insider
3 hours ago
- Business Insider
TruGolf to Participate in the '2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow' Conference Presented by Maxim Group LLC on Wednesday, June 4th at 3:00 PM EDT - (Updated)
Salt Lake City, Utah, June 03, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, announced today that Brenner Adams, TruGolf's Chief Growth Officer will present at the '2025 Virtual Tech Conference: Discover the Innovations Reshaping Tomorrow,' presented by Maxim Group LLC, tomorrow, June 4 th at 3:00 PM EDT. The Conference will be live on M-Vest. To attend, follow this link to register for this virtual event. About TruGolf Holdings TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhance its image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since its founding, TruGolf has redefined what is possible in golf through technology. TruGolf's suite of Hardware, Software, and Web Products make it easier to Play, Improve, and Enjoy the game of golf. Forward-Looking Statements Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements include, without limitation, whether the Company's compliance plan will be accepted by Nasdaq and the Company's expected future cash needs. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website,
