A bump on the road

A few days ago PMD Solutions filed for banktruptcy just 3 month after receiving SEK 17 mio. net from investors including LSIF.
In retrospect, it was obviously a mistake to invest in PMD, where almost from day 1 after the investment surprising issues both financially and legally appeared.
LSIF has managed to reduce the loss, but will still take a hit from this very unsuccessful investment.
Fortunately, despite this investment LSIF has overall had a very successful 2024 with results that we look forward to reporting when audited.
At LSIF, we naturally accept responsibility for having made this investment, but we must also note that, in our opinion, the financing round turned out to be extremely poorly organised. The experiences learnt from this financing round include changes to our own research routines and to our requirements for the legal framework for future investments including declarations of responsibility.
The financing was arranged by Stockholm Corporate Finance AB as financial advisor to PMD Solutions and Eversheds Sutherland Advokatbyrå AB as the legal adviser to the Company.