Estonian Clevon AS could announce itself bankrupt

Estonian technology company Clevon AS, manufacturing delivery driverless vehicle Clevon1, which last year went to the alternative stock exchange First North, could announce itself bankrupt.

Earlier, the company announced that it is going to leave the stock exchange to raise new venture investments. Besides, the board of Clevon AS pooled their shares in Clevon Investors AS, a non-public company. It was made to be able to raise the capital needed to continue the operational business and to pool over-the-counter investors. 

Currently, the owners of the shares of Clevon AS on the stock exchange are offered the opportunity to voluntarily exchange their shares for Clevon Investors AS shares in a 1:1 ratio.  Even though earlier the company announced that the company would offer money for the shares, now due to the difficult economic situation, things have changed. According to the company, Clevon AS doesn't want to assume any additional debt obligations but to direct the available funds to the business of Clevon AS.

Clevon AS  is a technology company focused on developing a driverless vehicle CLEVON 1, which helps to make the delivery of goods. The company was established in 2008 in Tallinn by Arno Kutt and Indrek Oolup.