Earlier this month, there was a significant development in the gaming industry as the renowned game company, Remedy, decided to postpone its results announcement. This took many by surprise and sparked a wave of speculation.
On a rather eventful Tuesday evening, two major companies that are listed on the stock exchange announced some changes regarding the publication of their financial statements. These announcements are typically routine, however, the changes have caused a stir in the business world.
Solwers, a prominent company in the industry, announced that its financial statements will be brought to the public’s attention “on March 11 at the latest”. This was a shift from their regular schedule.
The company revealed that the reason behind this delay is due to a discrepancy that was discovered in the reconciliation calculation of the change in equity for the year 2023. The completion of the financial statement bulletin is thus delayed until this issue is fully resolved.
Originally, the financial statements were supposed to be published on this very day. However, due to the aforementioned circumstances, this plan had to be altered.
In another development, Faron Pharmaceuticals, a renowned drug development company, stated that it would postpone the publication of its financial statements until March 14. This was a deviation from the initial plan to publish these figures on February 29, which would have been the next day, Thursday. Faron did not provide further specific reasons for this postponement.
Based on the company’s press release that was issued last week, it was revealed that the company had violated the terms of the loan agreement signed with IPF Partners. This resulted in the freezing of the funds required for the payments. At that moment, Faron estimated that its cash reserves would only last until the beginning of April. Consequently, trading in the company’s shares was temporarily suspended.
Earlier this month, the gaming company, Remedy, announced the postponement of its results announcement. Accompanying this announcement, Remedy also issued a profit warning. The company announced that it would postpone the publication of its financial statements from Friday, February 9 to Wednesday, March 20. According to the company, the reason for this change is related to ongoing negotiations concerning the publishing contract.
In addition to this, Remedy announced that it has reached an agreement with Tencent regarding a contract change for the code-named project Kestrel. This change would essentially reset Kestrel from the ground up. As a result of this, Remedy would record a write-down of 7.2 million euros in the results of the last quarter and the whole year 2023. This write-down would cover all the capitalized product development expenses of the code-named project Vanguard.
