EQS-Adhoc: PAION AG: Filing an application for the opening of insolvency proceedings

 PAION AG: Filing an application for the opening of insolvency proceedings

Aachen (Germany), 26 October 2023 - The specialty pharma company PAION AG (ISIN DE000A3E5EG5; Frankfurt Stock Exchange, Prime Standard: PA8) announces that it will immediately file for insolvency proceedings. The background to the filing is the fact that irregularities have come to light in the area of responsibility of the company's CFO with regard to a financing that is important for the company. The exact background to this is currently being investigated. As a result of the irregularities, the company is obliged to file for insolvency. The Supervisory Board decided today to remove Mr Sebastian Werner, the member of the Executive Board responsible for financing and CFO, as a member of the Executive Board with immediate effect. In view of the current developments, the current capital increase with subscription rights will be cancelled and not carried out.