DLTx ASA - Fourth Quarter 2022 to be restated
Oslo, 19 April 2023
DLTx ASA (the "Company") reported its Fourth Quarter 2022 Financial Results on
27 February 2023, which was announced separately the same day.
In preparation for the 2022 Annual Report the Company has discovered that the
reported numbers contain certain errors related to costs associated with the
earn-out consideration pursuant to the DSM transaction. In addition, certain
events have occurred subsequent to the original approval date of the Q4 2022
financial statements, and if such events were known at the original approval
date, they would have resulted in adjustment to the Q4 financial statements. As
a result of subsequent events the Company, in close dialogue with its auditors,
has also applied a more conservative approach towards its investment portfolio.
- The earn-out consideration associated with the DSM transaction results in
increased costs of approx. USD 3.8million. As announced on 19 April 2023, the
earn-out consideration was converted into new shares, and the increased recorded
costs will consequently not have any liquidity effect for the Company
- The terminated BMAC agreement results in approx. USD 1.3million of costs being
expensed, which had previously been activated
- The investment portfolio has been written down by approx. USD 7.5million.
DLTx's existing units in BMAQ, due to the terminated agreement, Rhodium, due to
the extension of the termination date of their merger agreement, and SVBS, due
to a received update, account for most of the change
The Company preliminary estimates the effects of the changes to amount to a loss
before tax of approx. USD 27million vs. the reported loss before taxes of USD
14.1million, and total equity of approx. USD 4million vs. the reported total
equity of USD 14.1million.
The changes will not have any effect on the Company's outstanding liabilities or
liquidity, but the recorded value of the Company's assets will decrease.
A restated Q4 2022 report will be published alongside the Company's audited 2022
Annual Report on 27 April 2022.
For further information, please contact:
Roger Lund, acting Managing Director, +47 95 16 11 13
The information in this announcement is considered to be inside information
pursuant to the EU Market Abuse Regulation. This stock exchange announcement was
published by Roger Lund, Managing Director, at the time and date provided.