December 2nd 2025
The Versailles Economic Court has opted for the takeover bid within the context of a sales plan submitted by CARMAT SAS and approved the sale plan[1] of CARMAT SA to CARMAT SAS
Paris, December 2, 2025 – 7:30 am CET
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” or “CARMAT SA”), today provides an update on the ongoing receivership procedure.
Update on the ongoing receivership procedure
On November 4, 2025, CARMAT had announced it had received a takeover bid within the context of a sales plan[2] (the “Bid”), following a second call for public tenders (buyers or investors) initiated by the judiciary administrator, and said that this Bid was expected to be assessed by the Versailles Economic Court[3] (the “Court”) during a hearing scheduled on November 25, 2025.
Following this hearing, the Court opted for this Bid and approved the sale plan to CARMAT SAS, by a decision rendered on December 1, 2025. “CARMAT SAS”, is a simplified joint stock company[4] set-up for the purpose of the Bid, share capital of which is currently held by LOHAS S.à.r.l (“Lohas”), a company controlled by Mr. Pierre Bastid who is CARMAT’s Chairman of the Board and holds about 17% of CARMAT shares.
Going forward, CARMAT’s activities will thus continue and be operated by CARMAT SAS.
The Bid is underpinned by a new strategy, particularly focused on pursuing activities to access the US market, initiating a clinical study with a view to get the destination therapy indication in Europe within the next 2 to 3 years, and in the short-term, a more targeted commercial development. It includes the retention of 88 employees, the acquisition of CARMAT’s assets, the continuation of the vast majority of its contracts and a significant cash-burn reduction. It provides for a total funding of €110m, including €10m available right away and €20m early 2026, in both instances, jointly provided by Lohas and Sante Holdings[5] which is another CARMAT’s historical shareholder.
The Company draws attention to the fact that if the Bid allows for the continuation of CARMAT’s activities within CARMAT SAS, it will lead to the liquidation of CARMAT SA (under the rules applicable to judicial liquidations), and that given CARMAT’s level of liabilities and the terms of the Bid, 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.
It is also reminded that the liquidation of the Company implies the delisting of its shares from Euronext Growth (Paris).
Next steps
As the Court set the effective date of the sale plan on December 1, 2025, CARMAT’s activities continue and are now operated by CARMAT SAS from that date. In particular, patients currently benefitting from Aeson® will, going forward, be supported by CARMAT SAS.
Trading of CARMAT shares (ISIN code: FR0010907956, Ticker: ALCAR) remains suspended and it is highly probable that it will not resume ahead of the forthcoming delisting of the shares from Euronext Growth (Paris).
Further press releases will be issued if and when required.
[1] « Plan de cession de CARMAT SA en faveur de CARMAT SAS ».
[2] « Offre de reprise en plan de cession ».
[3] « Tribunal des Activités Economiques de Versailles ».
[4] SAS : « Société par Actions Simplifiée »
[5] Sante Holding is Dr Antonino Ligresti’s family office and one of CARMAT’s reference shareholders holding about 17% of its shares. Dr Antonino Ligresti passed away in 2025.