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The board of directors of OmniCar Holding AB ("OmniCar" or the "Company") has today agreed to transfer principally all of the business of the Company, subject to approval by an extraordinary general meeting, and proposes to the extraordinary general meeting that the Company is liquidated. A liquidation of OmniCar is not expected to result in any funds being distributed to the shareholders. The board of directors see the proposed actions as the only alternative to bankruptcy.
OmniCar announced on May 24, 2024, that the Company must raise external capital to secure its continued business operations. It was further stated that major shareholders' interest in supporting the Company in the future is limited and that it was uncertain whether OmniCar could continue its operations after the second quarter of 2024 if no solution was found.
The board of directors has held several discussions with external investors on potential solutions and has today resolved to agree to transfer the Company's subsidiary, Omnicarservice ApS, where most of the Company's operations is conducted, including IP rights and software held by the Company, to Omni ApS (the "Buyer"). Omni ApS is wholly owned by the Company's CEO, Mikkel K. Christensen and the transaction is therefore subject to approval from a general meeting in the Company. Omni ApS will besides assuming the liabilities and debts of the business, totaling approximately MSEK 16, pay a purchase price of SEK 100,000 to OmniCar. The Buyer has also undertaken to finance the liquidation of the Company with an amount not exceeding SEK 775,000.
Petra Bendelin, Chariman of the Board in OmniCar, says:
"We have thoroughly explored the possibilities of securing additional external financiers to ensure that OmniCar can continue to operate in its current form. Unfortunately, this intensive effort has not yielded the results we had hoped for. In this situation, the board therefore considers that the most constructive option is to seek a solution that avoids bankruptcy while maximizing Omnicar's opportunities to move the business forward, potentially in new forms".
Due to the fact that the transaction will entail that the Company's entire operations are to be divested, the board of directors proposes to the extraordinary general meeting that the Company be liquidated. The liquidation of the Company is not expected to result in any funds being distributed to the shareholders.
A notice convening the extraordinary general meeting, which includes the full details of the board of directors' proposals, will be announced through a separate press release.
For more information, please contact
Petra Bendelin
Chairman of the board
pb@omnicarservice.dk
This information is information that OmniCar is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on June 11, 2024, 18:45 CEST.
About OmniCar Holding AB
OmniCar Holding AB (OmniCar) is a Danish purpose-driven impact company active in the automotive industry. OmniCar provides a convenient, affordable, and more transparent way of getting your car serviced and repaired by offering the service though our mobile workshops at a time- and place, which suits you the best.
OmniCar is a data driven technology company facilitating an end-to-end platform, which offers customers a unique way of ordering their next service as well as managing our fleet of mobile workshops including mechanics. We have established a position as the largest mobile workshop operator within the Nordics and with outstanding customer ratings of 4,9 of 5. With thousands of positive customer visits already completed, OmniCar aims to grow its business and fulfill its vision of becoming a convenient car partner for customers throughout Europe.