(Alliance News) - Gequity Spa announced Thursday that its board of directors approved the consolidated half-year financial report as of June 30, reporting a loss for the period of EUR1.1 million, which compares with EUR826,000 as of June 30, 2022. The loss for the period is mainly affected by the write-down of shares in the Margot fund by EUR723,000.

Revenues amounted to EUR54,000, which compares with EUR12,000 in the first half of 2022.

EBITDA is negative EUR221,000 from negative EUR419,000 as of June 30, 2022.

Financial debt is EUR3.07 million from EUR3.16 million as of December 31, 2022.

The company also specifies that Ubilot Srl has issued in favor of Gequity an additional letter of commitment to provide financial support to the company itself up to a maximum amount of EUR900,000.00 for the purpose of business continuity.

The investment agreement provides for the exit from the Gequity group of the "Education" business segment, which is therefore no longer considered strategic by the current board of directors.

The related economic and financial flows were therefore classified as flows from discontinued operations, proceeding to restate the comparative values of the first half of 2022.

The assets and liabilities of the "Education" segment are classified as a separate asset and liability item without restating the comparative balances as of December 31, 2022.

In addition, the company added that an LOI has been signed with Alpha Blue Ocean as an expression of the latter's interest in subscribing to a convertible bond of up to EUR6.0 million.

Gequity's stock is up 5.0 percent at EUR0.017 per share.

By Chiara Bruschi, Alliance News reporter

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