Qumak S.A. – bankruptcy motion

According to information provided by industry portals, the Management Board of the Polish IT and technology company, listed on the Warsaw Stock Exchange since 2006, QUMAK S.A. made a decision regarding the preparation of an application for bankruptcy of the company in accordance with the Act of 28 February 2003 on bankruptcy law. In the opinion of the Management Board of QUMAK S.A. the review of strategic options launched on 4 October 2018 did not bring any results in the form of a quick and effective acquisition of a strategic investor for the company, and the talks with potential investors conducted so far did not provide any concrete information as to the possibilities and conditions for acquiring a strategic investor. The statement additionally indicates that at the moment, the work on the application for bankruptcy is a result of far-reaching caution, due to the need to secure a previously submitted application to initiate restructuring proceedings.

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