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Lunai Bioworks Inc. (NASDAQ:RENB), currently valued at $47.57 million in market capitalization, reported that its indirect subsidiary, Gedi Cube B.V., was declared bankrupt by the Court of Amsterdam on Tuesday. The court appointed Mr. M.M. Dellebeke as the receiver in the bankruptcy proceedings. According to a press release statement, Gedi Cube B.V. filed a voluntary petition for bankruptcy after being unable to meet its payment obligations. The development comes as InvestingPro data shows the company’s concerning current ratio of 0.13, indicating significant liquidity challenges.Discover more crucial financial metrics and 10 additional key insights with InvestingPro.
Lunai Bioworks stated that it is monitoring possible effects on its supply chain, customer relationships, and ongoing projects that had previously involved Gedi Cube B.V. The company said that management is implementing contingency plans to address any business disruptions. Lunai Bioworks also confirmed that neither the parent company nor any of its other subsidiaries are filing for bankruptcy protection, and that business operations for these entities will continue as usual. The news comes as the stock trades near its 52-week low of $0.20, having declined 75% year-to-date.
In connection with the bankruptcy, Lunai Bioworks determined on Tuesday that a material impairment of assets has occurred. The company expects to record an impairment charge for the quarter ending September 30, 2025. At the time of the filing, Lunai Bioworks was unable to provide an estimate of the impairment amount or any related cash expenditures. The company indicated it would report the impairment charge in its upcoming quarterly report on Form 10-Q for the period ending September 30, 2025, or sooner if available.
This information is based on a statement provided in a recent SEC filing.
In other recent news, Lunai Bioworks Inc., formerly known as Renovaro Inc., has made headlines with its strategic partnership with American Defense International, Inc. This collaboration is focused on developing countermeasures against chemical and biological weapons, aligning Lunai’s AI biomedical platforms with U.S. government initiatives. In another development, the company has officially changed its corporate name to Lunai Bioworks Inc., effective August 20, while maintaining its Nasdaq symbol RENB. Additionally, Maurice van Tilburg, chairman of the board, will step down from his position on August 22, 2025, due to his new role in a different sector. Lunai Bioworks has also received a notice from the Nasdaq Stock Market for not holding its annual shareholder meeting within the required timeframe. The company is expected to submit a compliance plan to Nasdaq within 45 days of the notice. If accepted, this could allow Lunai Bioworks until December 29, 2025, to rectify the situation.
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