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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.
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 Cour1 (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 a hearing on September 30, 2025, the Court had acknowledged that the Bid had lapsed, given the fact that the Buyer had not been able to lift all conditions precedent, notably the one relating to securing the financing required for the takeover bid.
The judiciary administrator had thus submitted to the Court a request aiming at converting the receivership into a liquidation procedure, which was due to be reviewed by the Court during a hearing held on October 14, 2025.
During this hearing, the Court decided to postpone the review of this request aiming at converting the receivership into a liquidation procedure, until November 25, 2025. Consequently, the on-going receivership procedure continues.
Potential buyers or investors now have until November 3, 2025 to submit new bids (the “New Bids”) to the judiciary administrator. If any, these bids will be assessed by the Court during the hearing scheduled on November 25, 2025.
The Company draws attention to the fact that there is no guarantee at this stage that New Bids will be submitted and then validated by the Court following the hearing scheduled on November 25, 2025. If no New Bid is successful, it is almost certain 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 a New Bid is ultimately validated by the Court, all or part of CARMAT’s operations could continue either within CARMAT or as part of another legal entity. If operations continue as part of another legal entity, CARMAT will be liquidated (under the rules applicable to judicial liquidations), and given CARMAT’s level of liabilities, it is highly probable that also in that case, its 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 reminded that if CARMAT had to be liquidated, the Company would request the delisting of its shares from Euronext.
Next Steps
Trading of CARMAT shares (ISIN code: FR0010907956, Ticker: ALCAR) remains suspended.
Another press release will be issued by the Company after the deadline set for the submission of the bids, namely November 3, 2025.
In the meantime, in order to contain its cash-burn, CARMAT limits its operations to the minimum, focusing on support to patients currently benefitting from Aeson®.
In any case, the support to these patients is CARMAT’s priority, so the Company endeavors for this continuous support to get provided even if CARMAT is liquidated and its operations stop.
[1] Tribunal des Activités Economiques de Versailles.
[2] « Offre de reprise en plan de cession » (in French).
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