September 24th 2025
Trading of CARMAT shares suspended, starting September 25, 2025, before stock market opening, ahead of the court hearing scheduled on September 30, 2025
Paris, September 24, 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 September 25, 2025, before stock market opening, ahead of the court hearing scheduled on September 30, 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, by the Versailles Economic Court[1] (the “Court”), the judiciary administrator had received, on July 31, 2025, one takeover bid within the context of a sales plan (the “Bid”)[2], 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.
During the last hearing held on August 19, 2025, the Court granted the Buyer more time to finalize his Bid and lift the conditions precedent. The final Bid which must be submitted no later than September 25, 2025, will be assessed by the Court during a hearing scheduled on September 30, 2025.
It is reminded that given the provision of €1.3m in cash made by the Buyer to CARMAT[3] following the hearing held on August 19, 2025, the Company’s cash runway has been extended until early October 2025.
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 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 thus continue as part of another legal entity. In this scenario, CARMAT will also be liquidated (under the rules applicable to judicial liquidations) and 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.
Suspension of CARMAT shares trading (ISIN code: FR0010907956, Ticker: ALCAR)
Ahead of the court hearing scheduled on September 30, 2025, CARMAT has asked Euronext to suspend the trading of its shares starting on September 25, 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, 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.
[1] Tribunal des Activités Economiques de Versailles.
[2] « Offre de reprise en plan de cession » (in French).
[3] These funds are not refundable and will thus be retained by CARMAT even if the Bid is not ultimately successful.