Move About Group AB (publ) (OM:MOV) announced that the Company, on behalf of the group, is in advanced negotiations to enter into a share transfer agreement regarding the sale of all shares in the German subsidiary mobileeee GmbH (the ?Subsidiary?). The sale is in line with the Company's previously communicated strategy to discontinue operations in Germany. The Company expects to finalize the sale of the Subsidiary in the coming weeks and intends to keep the market updated on an ongoing basis.

As communicated at the beginning of 2023, it was decided to conduct a strategic review of the Company's operations. This resulted in the Norwegian subsidiary, Move About AS, filing for bankruptcy, which was announced through a press release on 28 June 2023. In the autumn of 2023, the Company announced that a letter of intent regarding Move About AB had been entered into with OKQ8, which was subsequently completed on 20 November 2023.

After intensive efforts to find new owners for the Subsidiary, the Company has now, after negotiations with the management and minority shareholders of the Subsidiary, concluded that a sale of the Subsidiary to the management and minority shareholders is the best option for the Subsidiary, the Company and thus the Company's shareholders. The transaction is not expected to add any liquidity to the group but is considered beneficial to the Company and its shareholders due to the fact that the Company's loan facility of EUR 2.2 million will be taken over by the Subsidiary in connection with the closing, which is scheduled for the [second quarter] in 2024. Full terms of the sale will be announced when the share transfer agreement has been entered into.

As the transfer of the Subsidiary is expected to take place to buyers who are employees within the group, the Company intends to convene an extraordinary general meeting to approve the transaction.