A lender to ORTELIUS International AB (publ) (“ORTELIUS”) (Nasdaq First North Growth Market: ORTIN) has submitted an incomplete bankruptcy petition relating to a bridge loan entered into on 11 February 2026 and due for repayment on 28 April 2026.
As the bankruptcy petition is incomplete, ORTELIUS has not been formally notified by the District Court. The Company will contest the petition if and when it is completed.
Since the current Board of Directors took office on 23 April 2026, extensive work has been carried out to review the Company’s financial position and strengthen its capital structure. As an initial result of this work, on 27 April 2026 the Company completed the conversion of approximately SEK 48 million of debt into equity at a conversion price of SEK 1.57 per share, as previously announced.
The Company remains in dialogue with the lender with the aim of reaching an agreement regarding the loan, including proposals for a structured repayment plan. Of the original loan amount of SEK 3.1 million, SEK 1 million was repaid on 15 April 2026.
The Board believes that the measures currently being implemented are important steps towards strengthening the Company’s financial position and creating a solid foundation for the continued development of the business.
Comment from Herman Weberg, Acting CEO
"It is naturally frustrating that the Company’s historical balance sheet and financing situation are attracting so much attention at a time when we are seeing positive signals from the market. We are currently working with several global customers, have continued to develop our offering and have made important commercial progress in recent months. We believe that demand for the type of solutions provided by ORTELIUS continues to grow. The focus of the Board and management team is now on creating a financial platform that better reflects the long-term potential of the business."
Operations continue as normal. The Company remains focused on supporting existing customers, progressing ongoing projects and further developing its offering within enterprise AI and information management.
The Company will provide further information as and when there are new developments to communicate.