HealthBeacon Seeks Court Protection and Funding Agreement

HealthBeacon, the Irish digital-therapeutics company, has recently announced its petition for court protection in a bid to stabilize its operations. The company has also secured a funding agreement of up to 1.85 million euros ($2.0 million) to ensure its continued existence. As part of this process, HealthBeacon will seek the appointment of an examiner and formulate a scheme of arrangement for its survival.

The board of HealthBeacon believes that with the support of the appointed examiner, the company can not only stabilize its situation but also recover and emerge as a going concern. This approach will bring about the preservation of jobs within the company. Hamilton Beach Brands has committed to funding HealthBeacon's working capital requirements during the period it is under court protection.

In mid-October, HealthBeacon requested the suspension of its shares due to an urgent need for additional financing. The company's short-term cash working capital position had worsened over the past week, necessitating immediate action.

HealthBeacon remains committed to navigating this challenging period and is confident in its ability to overcome the current difficulties. By undergoing this court protection process, the company aims to secure a bright future for itself while safeguarding the livelihoods of its employees.