LAUSANNE, Switzerland, 24 November 2022 – Astrocast

On 30 May 2022, Astrocast SA ("Astrocast") announced an agreement for the contemplated acquisition of Hiber B.V. ("Hiber"), a Netherland-based, IoT-as-a-Service provider (the "Agreement"). Under the Agreement, Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares. The acquisition was conditioned on the completion of Astrocast’s proposed public offering on Euronext Growth Paris and other customary closing conditions. The Agreement is subject to a long stop date on 30 November 2022 (the "Long Stop Date").

Astrocast has now received a notification from Hiber and certain of its shareholders that they terminate the Agreement with effect from the Long Stop Date. From the received notice of termination, Astrocast also understands that Hiber is claiming an obligation for Astrocast to grant a convertible loan in the amount of EUR 1,500,000, allegedly due pursuant to the Agreement. Hiber has informed that it is referring the matter of the convertible loan grant to mediation and dispute resolution in arbitration under the provisions of the Agreement.

Astrocast disputes that there is a basis for the claim against the Company as made by Hiber and will assess all legal remedies to support its position.

Due to challenging market conditions for fundraising the last six months, the liquidity for the Company has been tight. The Company has been able to fund requirements for existing operations through convertible notes issued by existing investors. The Company will continue to assess strategic alternatives for strengthening its financial position on a long-term basis.