Lighting Solution Order Cancelled due to Voluntary Liquidation of Nectar Farms

Rhea-AI Summary

Heliospectra AB announced the cancellation of a SEK 72 million order from Nectar Farms Management Limited due to the company's voluntary liquidation and insufficient funds. The order, related to Heliospectra's MITRA series, was initially projected to commence in Spring 2020 but faced delays because of the Covid-19 pandemic. The inability to secure new investment led to this significant business loss.

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• None.

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• Order cancellation from Nectar Farms valued at SEK 72 million.
• Inability to secure funding resulting in voluntary liquidation of Nectar Farms.
• Project delays due to Covid-19 restrictions impacted business commitments.

GOTHENBURG, Sweden, April 27, 2021 /PRNewswire/ -- Heliospectra AB (publ), a world leader in intelligent lighting technology for greenhouse and controlled plant growth environments, announces that the order from Nectar Farms Management Limited has been written off following insufficient funds and the voluntary liquidation of Nectar Farms. The order was for Heliospectra's MITRA series and the order value is SEK 72 million. 

Heliospectra announced the order from Nectar Farms in October 2019. The project was scheduled to start in the Spring of 2020 but, as previously communicated, was delayed due to the Pandemic and the restrictions set to prevent the spread of Covid-19. Following the loss of funding, the project was unable to secure new investment and has therefore made the decision to undergo voluntary liquidation. 

For More Information:

Rebecca Nordin
Head of IR at Heliospectra
+46 (0)72 536 8116
ir@heliospectra.com

http://www.heliospectra.com

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SOURCE Heliospectra

FAQ

What was the value of the canceled order from Nectar Farms?

The canceled order from Nectar Farms was valued at SEK 72 million.

Why was the order from Nectar Farms canceled?

The order was canceled due to the voluntary liquidation of Nectar Farms Management Limited and insufficient funds.

When was the order from Nectar Farms initially announced?

The order from Nectar Farms was initially announced in October 2019.

How did the Covid-19 pandemic affect the order from Nectar Farms?

The Covid-19 pandemic caused delays in the project that was supposed to start in Spring 2020.

What is the stock symbol for Heliospectra?

The stock symbol for Heliospectra is HLSPY.