Alta, Wyoming--(Newsfile Corp. - November 28, 2023) - J. Carlo Cannell, the Managing Member of Cannell Capital LLC, releases the following statement on behalf of Rescue VIAO. Per its September 30, 2023 Form 13F, clients of Cannell Capital LLC own 9.8% of the American Depositary Receipts of VIA Optronics (NYSE: VIAO).
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"Rescue VIAO" has been formed to help all injured shareholders of VIA Optronics AG (NYSE: VIAO). From January 22, 2021, to November 27, 2023, the equity has depreciated from $15.30 to $0.85 today, a decline of 94%.
It currently trades at 3% of company-forecasted 2023 revenue and under 3 times EBITDA assuming six-year historical margins. We think one times revenue and 10 times EBITDA are more appropriate multiples for a niche automobile electronics supplier (of largely more sophisticated components for electric vehicles) of which Tesla is a key customer. Such represents, at the midpoint, a value 391% higher than today.
The Company has been unable to hold its annual meetings or file its financial statements in a timely fashion. On November 17, 2023, it disclosed that former CEO Jürgen Eichner was being investigated for "discrepancies" in areas such as "expense recording and reimbursement" which we interpret as potential theft from and malfeasance against owners.
Rescue VIAO will start with an examination and expose of the Company's Supervisory Board which sat idly by, collecting an annual total of €319,050 in cash compensation, during this $297 million destruction of value. The next step is clear to us -- most of the directors on the Supervisory Board need to be replaced, ideally returning their fees to VIAO, and a credible investment bank needs to be retained to explore all options which may include the sale of the company.
Contact:
David Pointer
(509) 319 2345
https://www.rescueviaoptronics.com/
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