CARMAT provides an update on the ongoing receivership procedure – resumption of trading

Resumption of CARMAT shares trading starting on August 21, 2025, at stock market opening

Paris, August 20, 2025 – 7:00 am CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today provides an update on the ongoing receivership procedure and announces the resumption of CARMAT shares trading, starting on August 21, 2025, at stock market opening.

Update on the ongoing receivership procedure

Following a call for public tenders (buyers or investors) initiated as part of the receivership opened on July 1, 2025, one takeover bid within the context of a sales plan (the “Bid”), had been received and could be improved until August 13, 2025 included. This Bid was discussed with the Versailles Economic Court (the “Court”) at a hearing held on August 19, 2025.

The Bid was submitted by HOUGOU, the family office of Mr Pierre Bastid (the “Buyer”), who is CARMAT’s chairman of the board and holds about 17% of CARMAT shares .

Following the hearing and upon the Buyer’s request, the Court granted him more time to finalize his Bid and lift the conditions precedent. The Bid will thus be assessed again by the Court during a hearing scheduled on September 30, 2025.

In order to enable CARMAT to fund its activities until that date and to protect creditors’ interests despite this delay, the Buyer will immediately provide €1.3m in cash to CARMAT. These funds are not refundable and will be retained by the Company even if ultimately, the Bid is not successful .

The Company again draws attention to the fact that there is no guarantee at this stage that the Bid will be successful i.e. that the conditions precedent will be met and that the Court will validate this Bid following the hearing now scheduled on September 30, 2025. If the Bid is not successful, it is highly probable that CARMAT will be liquidated (under the rules applicable to judicial liquidations) and its operations will stop. In such a case, it is highly probable that the shareholders will lose the total value of their investment, while a major part of CARMAT’s creditors will incur a very significant loss of up to the total value of their receivables.

Conversely, if the Bid is ultimately validated by the Court, CARMAT’s operations will be transferred to the Buyer and will continue as part of another legal entity. In this event, CARMAT will also be liquidated (under the rules applicable to judicial liquidations), and the Company draws attention to the fact that given current terms of the Bid and CARMAT’s level of liabilities, it is highly probable that also in that case, the shareholders will lose the total value of their investment, while a major part of CARMAT’s creditors will incur a very significant loss of up to the total value of their receivables.

At this stage, it is thus very probable that in any case, CARMAT will be liquidated very shortly (under the rules applicable to judicial liquidations), which will lead the Company to request the delisting of its shares from Euronext.

Resumption of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR)

CARMAT is going to ask Euronext to resume the trading of its shares starting on August 21, 2025, at stock market opening.

Next steps

Pending the next hearing scheduled on September 30, 2025, CARMAT continues to focus its activities, on one hand on supporting patients already implanted with its Aeson® artificial heart, and on the other hand, on regulatory and operational activities deemed key in view of resuming operations in the best possible way once its financial sustainability has been secured. In particular, the Company keeps suspending all new Aeson® implants, whether for commercial purpose or as part of clinical trials.

Press releases will be issued regularly as the Company’s situation evolves and the proceedings progress.

In any case, even if the Company is liquidated and its operations stop, CARMAT endeavors to take the necessary steps so that continuous support to patients who currently benefit from its Aeson® artificial heart is provided.

Trading of CARMAT shares suspended, starting August 14, 2025, before stock market opening, ahead of the court hearing scheduled on August 19, 2025

Paris, August 13, 2025 – 6:00 pm CEST    

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today provides an update on the ongoing receivership procedure and announces the suspension of trading in CARMAT shares, starting August 14, 2025, before stock market opening, ahead of the court hearing scheduled on August 19, 2025.

Update on the ongoing receivership procedure

Following a call for public tenders (buyers or investors) initiated as part of the receivership opened on July 1, 2025, the judiciary administrator had received, by the deadline of July 31, 2025, one takeover bid within the context of a sales plan (the “Bid”)[1].

This Bid will be assessed by the Versailles Economic Court[2] (the “Court”) at a hearing scheduled on August 19, 2025.

The Company again draws attention to the fact that there is no guarantee at this stage that this Bid will be successful. The Company also reminds that even if the Bid is validated by the Court, the Company’s shareholders and creditors may incur a significant loss of up to the total value of their investment or receivables. CARMAT is subject to a risk of liquidation, including in the short term.

Suspension of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR)

Ahead of the court hearing scheduled on August 19, 2025, CARMAT has asked Euronext to suspend the trading of its shares starting on August 14, 2025, before the stock market opens.

Another press release will be issued by the Company once the outcome of the court hearing is known.

In any case, CARMAT endeavors to provide continuous support to patients who currently benefit from its Aeson® artificial heart.

^[1] « Offre de reprise en plan de cession » (in French).

[2] Tribunal des Activités Economiques de Versailles.

• One takeover bid within the context of a sales plan^[1] has been received by the judiciary administrator
• Resumption of CARMAT shares trading starting on August 4, 2025, at stock market opening

Paris, August 1, 2025 – 2:00 pm CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today provides an update on the ongoing receivership procedure and announces the resumption of CARMAT shares trading, starting on August 4, 2025, at stock market opening.

Update on the ongoing receivership procedure

On July 3, 2025, CARMAT had announced the initiation of a call for public tenders (buyers or investors) as part of the receivership opened on July 1, 2025. The deadline for submitting offers was July 31, 2025.

At that date, one takeover bid within the context of a sales plan (the “Bid”) has been received by the judiciary administrator. The Bid, which is still subject to adjustments, will be assessed by the Versailles Economic Court (the “Court”) at a hearing scheduled on August 19, 2025.

The Company draws attention to the fact that there is no guarantee at this stage that this Bid will be successful. As a consequence, CARMAT remains subject to a risk of liquidation, including in the short term. The Company also reminds that even if the Bid is validated by the Court, the Company’s shareholders and creditors may incur a significant loss of up to the total value of their investment or receivables.

Resumption of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR)

CARMAT is going to ask Euronext to resume the trading of its shares starting on August 4, 2025, at stock market opening.

Press releases will be issued regularly as the Company’s situation evolves and the proceedings progress.

In any case, CARMAT endeavors to provide continuous support to patients who currently benefit from its Aeson® artificial heart.

^{[1] In French : « Offre de reprise en plan de cession ».}

Trading of CARMAT shares suspended, starting July 30, 2025, before stock market opening, ahead of the deadline of July 31, 2025 for submitting takeover or investment offers

Paris, July 29, 2025 – 6:00 pm CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today provides an update on its situation and the ongoing receivership procedure and announces the suspension of trading in CARMAT shares, starting July 30, 2025, before stock market opening, ahead of the deadline of July 31, 2025 for submitting takeover or investment offers, set by the judiciary administrator.

Update on Company’s operations and cash runway

Given its limited financial resources, the Company has, since the beginning of the observation period on July 1, 2025, reduced its activities to focus on the one hand on supporting patients already implanted with its Aeson® artificial heart, and on the other hand, on regulatory and operational activities deemed key in view of resuming operations in the best possible way once its financial sustainability has been secured, i.e. obtaining CE marking under “MDR” regulation, maintaining infrastructures, particularly for manufacturing, pursuing Aeson® enhancements with a view to releasing a product version suitable for long-term patient support by the end of 2025, and preparing for the publication of the EFICAS clinical study results at the end of the year.

In this context of uncertainty, all new Aeson® implants, whether for commercial purposes or as part of clinical trials are suspended during the months of July and August 2025.

As a result of the above, the Company’s cash runway has been extended until the end of August 2025.

Update on the ongoing receivership procedure

On July 3, 2025, CARMAT had announced the initiation of a call for public tenders (buyers or investors) as part of the receivership procedure opened on July 1, 2025 by the Versailles Economic Affairs Court (the “Court”). The deadline for submitting offers (the “Offers”) is July 31, 2025.

The next Court hearing is scheduled on August 19, 2025. Should Offers be received by the judiciary administrator, they would be examined by the Court at this hearing.

Suspension of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR)

Ahead of the deadline for submitting Offers, i.e., July 31, 2025, CARMAT has asked Euronext to suspend the trading of its shares starting on Wednesday, July 30, 2025, before the stock market opens.

The Company anticipates this suspension to be lifted once the outcome of the Offers’ submission process is known and communicated to the market.

Press releases will be issued regularly as the Company’s situation evolves and the proceedings progress.

Paris, July 28, 2025 – 6:00 pm CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today announces that it has obtained CE marking under Regulation (EU) 2017/745 on medical devices (Medical Devices Regulation – MDR), which replaces the former Medical Device Directive (MDD 93/42/EEC). This new certification covers the bridge to transplant (BTT) indication and applies to the Aeson® system as a Class III active implantable medical device.

MDR CE marking certifies Aeson®’s compliance with the most stringent European regulatory requirements

The MDR CE marking certifies Aeson®’s compliance with the latest European standards and requirements relating to patient safety, clinical performance, risk management, and post-market surveillance. It was granted following a rigorous and comprehensive review conducted by the notified body DEKRA.

In December 2020, Aeson® had obtained CE marking in the bridge to transplant indication, under the Medical Device Directive (MDD), which was in force at the time. Since then, the MDD has been replaced by the Medical Device Regulation (MDR), which significantly strengthens the requirements to be met. Class III medical devices such as Aeson®, which were CE marked under the MDD before May 2021, have until May 2027 to obtain MDR CE marking. Failing to do so would mean the device could no longer be marketed in the European Union after this date.

The MDR certification confirms and reinforces Aeson®’s recognition by health authorities.

A strengthened regulatory foundation to support European and international growth and future extension of Aeson®’s indications

Obtaining MDR CE marking, well ahead of the transition deadline, means that from a regulatory perspective, Aeson® can continue to be marketed in the European Union[1] beyond May 2027.

This certification also reinforces the Company’s position in view of a future expansion of Aeson®’s indications, notably towards destination therapy[2] (DT), as well as in its U.S. market access strategy, currently targeted for 2028.

As a reminder, Aeson® is currently the only CE-marked implantable total artificial heart.

Readers are also reminded that the Company is currently placed in receivership procedure (opened on July 1, 2025) and is therefore facing a very high risk of default, including in the very short term.

Stéphane Piat, Chief Executive Officer of CARMAT, concludes: “I would like to congratulate our teams on obtaining MDR CE marking for the Aeson® artificial heart, following an extremely demanding process that mobilized many of our employees for months. I would like to underline that Aeson® is, and currently remains, the only implantable artificial heart being CE-marked and thus marketed in Europe. In the particular context in which CARMAT currently finds itself, this MDR certification is a further independent recognition of Aeson®’s quality and performance by health authorities. From a regulatory perspective, we have thus already secured the right to continue marketing Aeson® across Europe even beyond 2027, for patients suffering from advanced heart failure. I hope we will successfully get out of the receivership procedure we are currently in, so that patients can effectively continue benefitting from our therapy going forward. Finally, I would like to add that the “MDR” CE marking is also extremely important in view of getting access to the U.S. market, and future extension of Aeson®’s indications towards permanent patient support.”

[1] and in other countries which recognize CE marking.

[2] Destination therapy (or DT): in this indication, Aeson® would be implanted permanently without subsequent heart transplantation.

CARMAT announces the initiation of a call for public tenders (buyers or investors) as part of the receivership procedure

Paris, July 3, 2025 – 6:30 pm CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today announces the initiation of a call for public tenders (buyers or investors)[1] as part of the receivership procedure[2] opened on July 1, 2025.

A notice will be published in “Les Echos” French newspaper by the judiciary administrator appointed by the Versailles Economic Affairs Court[3] (AJRS – Maître Philippe Jeannerot), on July 4, 2025. The Notice will however be available in the digital version of the newspaper as early as July 3, 2025 in the evening.

People interested and willing to take part in the call for public tenders are invited to get in touch with Mr Valentin Laigneau (AJRS): valentin.laigneau@aj-rs.com

It is reminded that CARMAT’s operations carry on during the observation period, and that CARMAT continues to endeavor to provide continuous support to patients who currently benefit from its Aeson® artificial heart.

Press releases will continue to be issued regularly as the Company’s situation evolves and the proceedings progress.

[1] « Appel d’Offres (recherche de repreneurs ou d’investisseurs »)

[2] « Redressement judiciaire »

[3] « Tribunal des Affaires Economiques de Versailles (France) »

Suspension of CARMAT shares trading starting June 30, 2025, before stock market opening

Paris, June 30, 2025 – 7:00 am CEST

CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today announces filing for insolvency[1] and requesting to be placed in receivership[2] to the Versailles Economic Affairs Court[3], as well as the suspension of CARMAT shares trading, starting June 30, 2025, before stock market opening.

Insolvency filing and request to be placed in receivership

On June 20, 2025, CARMAT announced in a press release being at risk of insolvency as early as the end of June 2025 unless managing before then, to secure additional cash of at least €3.5 million.

Despite its continued efforts, the Company has not managed at this stage, to secure neither additional cash nor new financing.

Given this, the Company will today file for insolvency and request to be placed in receivership to the Versailles Economic Affairs Court (“the Court”).

The Court will rule on this request, following a hearing expected in the coming days.

As a reminder, according to its current business plan and assuming “business as usual” situation, the Company estimates its funding requirements over the next 12 months at approximately €35 million, including approximately €20 million by the end of December 2025.

[1] « Déclaration de cessation des paiements »

[2] « Redressement judiciaire »

[3] « Tribunal des Affaires Economiques de Versailles »