"Rescue VIAO" Has Been Formed to Help All Injured Shareholders of VIA Optronics AG (VIAO)

Rhea-AI Summary

Cannell Capital LLC Managing Member J. Carlo Cannell releases a statement on behalf of Rescue VIAO (NYSE: VIAO) regarding the decline in equity value, lack of financial transparency, and investigation of former CEO. The company's equity has depreciated by 94% from January 22, 2021, to November 27, 2023, trading at 3% of the 2023 revenue forecast. The company has been unable to hold annual meetings or file financial statements timely. Former CEO Jürgen Eichner is being investigated for potential theft and malfeasance. Rescue VIAO aims to examine and expose the Supervisory Board and explore all options, including the sale of the company.

Positive

• None.

Negative

• Equity depreciation of 94%
• Inability to hold annual meetings or file financial statements timely
• Investigation of former CEO for potential theft and malfeasance

Alta, Wyoming--(Newsfile Corp. - November 28, 2023) - J. Carlo Cannell, the Managing Member of Cannell Capital LLC, releases the following statement on behalf of Rescue VIAO. Per its September 30, 2023 Form 13F, clients of Cannell Capital LLC own 9.8% of the American Depositary Receipts of VIA Optronics (NYSE: VIAO).

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"Rescue VIAO” has been formed to help all injured shareholders of VIA Optronics AG (NYSE: VIAO). From January 22, 2021, to November 27, 2023, the equity has depreciated from $15.30 to $0.85 today, a decline of 94%.

It currently trades at 3% of company-forecasted 2023 revenue and under 3 times EBITDA assuming six-year historical margins. We think one times revenue and 10 times EBITDA are more appropriate multiples for a niche automobile electronics supplier (of largely more sophisticated components for electric vehicles) of which Tesla is a key customer. Such represents, at the midpoint, a value 391% higher than today.

The Company has been unable to hold its annual meetings or file its financial statements in a timely fashion. On November 17, 2023, it disclosed that former CEO Jürgen Eichner was being investigated for "discrepancies" in areas such as "expense recording and reimbursement" which we interpret as potential theft from and malfeasance against owners.

Rescue VIAO will start with an examination and expose of the Company's Supervisory Board which sat idly by, collecting an annual total of €319,050 in cash compensation, during this $297 million destruction of value. The next step is clear to us -- most of the directors on the Supervisory Board need to be replaced, ideally returning their fees to VIAO, and a credible investment bank needs to be retained to explore all options which may include the sale of the company.

Contact:
David Pointer
(509) 319 2345
https://www.rescueviaoptronics.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188941

FAQ

What is the current equity value decline of VIA Optronics AG (NYSE: VIAO)?

The equity value has declined by 94% from January 22, 2021, to November 27, 2023.

What is the current trading value of VIA Optronics AG (NYSE: VIAO) compared to the 2023 revenue forecast?

The company is currently trading at 3% of the company-forecasted 2023 revenue.

What is the reason for the investigation of former CEO Jürgen Eichner?

The former CEO is being investigated for potential theft and malfeasance.

What is the objective of Rescue VIAO?

Rescue VIAO aims to examine and expose the Supervisory Board and explore all options, including the sale of the company.