Evolva Holding SA Publishes Interim Financial Statements Amidst Liquidation and Reports Positive Adjustment

Evolva Holding SA in liquidation announced the publication of its interim financial statements as of 31 December 2023 and its agenda for the 2024 Annual General Meeting (AGM). The company, which previously sold its shares to Danstar Ferment AG, a Swiss affiliate of Lallemand Inc., reported a positive purchase price adjustment of CHF 1,929,000 under the share purchase agreement. This adjustment increases the initial purchase price from CHF 20 million based on specific financial metrics as of 31 October 2023.

The financial statements reveal a remaining cash balance of CHF 5.8 million, short-term receivables of CHF 4.0 million including CHF 2 million in an escrow account, and liabilities amounting to CHF 3.5 million. The company’s equity stands at CHF 5.6 million, with liquidation proceedings expected to conclude in the first quarter of 2026. Additionally, potential earn-out payments are based on sales of Evolva products and technologies above certain thresholds, with a cap of CHF 10 million.

Regarding the 2024 AGM, proposed amendments include the option for virtual or hybrid meetings in the future. Furthermore, the largest shareholder, Nice & Green SA, has requested agenda items that could potentially alter the company's liquidation direction towards exploring market opportunities, including reverse mergers or acquisitions.

Evolva Holding SA and Danstar Ferment AG have also reserved an additional CHF 195,000 pending the outcome of a quality analysis of certain raw materials, which could further adjust the purchase price. Moreover, from the initial purchase price held in escrow, CHF 1.4 million has been released to Evolva Holding SA.