The short version is that we have not been able to find an acquirer for the shares of Gaia Fintech A/S, but we have proceeded with the FemaleInvest deal in what is known formally as an asset transfer agreement. The amount is DKK 175k. The FemaleInvest deal will also be announced externally. However, the press release is subject to our approval.
The longer story is that we have spent the past three weeks talking to potential acquirers without any luck. Instead, we suggest liquidating the company and paying out the remainder of the cash balance among our creditors (unfortunately, this includes a haircut for all creditors). This is more desirable than bankruptcy because of transaction costs. For this to work, we need every creditor to agree. If every creditor agrees, we can shut down the company solvently.
We have talked to five creditors (including the Danish government) who are all on board. If you agree, we can continue the process. I was hoping to jump on a quick call this weekend or next week to discuss the next steps ASAP. Please tell me your available dates and timings, and we will adjust accordingly.
We are not proud of the situation but want you to know that we did everything we could to avoid it.