VIA Optronics announces corporate, management updates

VIA optronics AG announced several updates related to the ongoing internal review of the Company’s internal controls and certain compliance incidents, the day-to-day management of its business and the Company’s receipt of a listing extension from the New York Stock Exchange. As previously reported on Form 6-K as furnished to the SEC on August 9, 2023, VIA’s Supervisory Board announced that it initiated a formal review of the Company’s application of its internal compliance procedures, with the support of external advisors, and that it was investigating incidents regarding compliance with Company policies and business guidelines. The Supervisory Board appointed BDO AG Wirtschaftsprufungsgesellschaft and DLA Piper UK LLP to investigate the potential incidents and directed the Advisors to review compliance with Company policies and business guidelines from January 1, 2017 to December 31, 2022. While the investigation remains ongoing, preliminary findings indicate deviations from the Company’s compliance procedures during the Investigation Period primarily involving the former CEO, Jurgen Eichner, and a limited number of other employees. Identified discrepancies occurred in areas such as expense recording and reimbursement, company credit card usage for personal transactions, inadequate documentation of vehicle usage, and irregularities in vacation days. The extent of the potential violations, and any response by the Company or others, remains uncertain. Chief Executive Officer Roland Chochoiek commented, “Our leadership is committed to completing a thorough review of the compliance incidents and our internal controls. The Company and the Supervisory Board are continuing to work with the Advisors to complete the investigation as soon as possible and will provide further updates once the investigation has been concluded. Unfortunately, the timing of the internal review process will result in a further delay of the filing of our form 20-F for the year ended December 31, 2022 with the U.S. Securities & Exchange Commission. We anticipate that the investigation will be concluded by the end of calendar year 2023 and that we will be able to file our form 20-F in early 2024.” The Company takes these matters seriously and management is dedicated to expediting the filing process related to its form 20-F and interim financial statements for the six months ended June 30, 2023. In response to these developments, earlier this month the Supervisory Board placed founder and member of the Management Board, Jurgen Eichner, on leave until the internal review has been completed. In addition, the Company further announced that Bernd Wagner has been appointed as Interim Chief Financial Officer as Dr. Markus Peters has taken a leave of absence following a medical procedure. Mr. Wagner will assist with the completion of the internal review and filing of the Company’s audited financial statements. He will not serve as a member of the Company’s Management Board. Company management has proactively engaged with the New York Stock Exchange and has been granted an extended trading period by the exchange through May 16, 2024. The Company will work diligently to complete and file the delayed filing and any subsequent delayed filings prior to the expiry of the extended trading period, and NYSE will closely monitor the Company’s progress while it remains on the NYSE late filer list.