August 20th 2025
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.