A year ago, we submitted a takeover bid for Lehto Group, and Hannu Lehto tentatively accepted it. It was even discussed at the board level, and they had no intention of doing anything on the battery side until I brought the matter there,” Järvinen says.
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During the aim for a reverse listing process, we were forced to reveal details related to the battery business. It seems that information was systematically pried from there, and at no point was there a real intention to sign the actual agreement.”
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”There was likely no intention at any point to go through with a reverse merger, but rather to use the battery business as a sufficiently attractive business opportunity to get creditors to agree to a 90 percent debt write-down.”
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