Mauna Kea Technologies Reaches Key Milestone in its Safeguard Procedure
Mauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio ®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announces that it has reached a major milestone in its safeguard procedure, initiated on March 31, 2025.
The Company has obtained authorization from the court-appointed supervising judge ('juge-commissaire') to implement a classes of affected parties proceeding ('procédure de classes de parties affectées '), a mechanism introduced by the 2021 reform of the French insolvency law. This procedure allows creditors whose prior claims and rights are affected by the plan to be grouped into different classes representing common economic interests, in order to submit a global restructuring plan to their vote. Thanks to this authorization, Mauna Kea Technologies will be able to propose a plan allowing for a significant restructuring of its liabilities, which will be submitted to a vote by the different classes in compliance with the French Commercial Code. This represents a structuring step forward to sustainably restore the Company's financial situation.
As part of this procedure, the Company, assisted by Maître Aurélia Perdereau as judicial administrator, will finalize the constitution of these classes. The draft safeguard plan will then be submitted for their approval with a vote expected by September 2025.
Mauna Kea Technologies is also working on structuring a bridge financing to ensure business continuity during the observation period. At the same time, the Company is engaged in discussions with strategic investors and family offices to secure long-term funding to support a sustainable development plan.
Sacha Loiseau, Ph.D., Chief Executive Officer of Mauna Kea Technologies, stated: "We have just reached a critical stage in the safeguard procedure initiated on March 31, paving the way for a restructuring of the Company's financial liabilities. In collaboration with our judicial administrator and in consultation with all stakeholders, we have worked intensively to secure the necessary resources to fully relaunch our operations.'
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company that manufactures and sells Cellvizio ®, the real-time in vivo cellular imaging platform. This technology uniquely delivers in vivo cellular visualization which enables physicians to monitor the progression of disease over time, assess point-in-time reactions as they happen in real time, classify indeterminate areas of concern, and guide surgical interventions. The Cellvizio ® platform is used globally across a wide range of medical specialties and is making a transformative change in the way physicians diagnose and treat patients. For more information, visit www.maunakeatech.com.
Disclaimer
This press release contains forward-looking statements about Mauna Kea Technologies and its business. All statements other than statements of historical fact included in this press release, including, but not limited to, statements regarding Mauna Kea Technologies' financial condition, business, strategies, plans and objectives for future operations are forward-looking statements. Mauna Kea Technologies believes that these forward-looking statements are based on reasonable assumptions. However, no assurance can be given that the expectations expressed in these forward-looking statements will be achieved. These forward-looking statements are subject to numerous risks and uncertainties, including those described in Chapter 2 of Mauna Kea Technologies' 2024 Annual Report filed with the Autorité des marchés financiers (AMF) on April 30, 2025, which is available on the Company's website (www.maunakeatech.fr), as well as the risks associated with changes in economic conditions, financial markets and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this press release are also subject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not currently consider material. The occurrence of some or all of these risks could cause the actual results, financial condition, performance or achievements of Mauna Kea Technologies to differ materially from those expressed in the forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or subscribe for, or the solicitation of an order to buy or subscribe for, shares of Mauna Kea Technologies in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The distribution of this press release may be restricted in certain jurisdictions by local law. Persons into whose possession this document comes are required to comply with all local regulations applicable to this document.
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