UPDATE DATED 17/02/2020
Our business has been tremendously affected by the outbreak of the coronavirus. Instead of being able to boost sales as planned, we are currently working on optimizing processes and keeping our burn rate as low as possible. The whole supply chain from China for our dropshiping business is currently interrupted. We have assumed that we will be able to restart with our employees in China on 15.2. It is not foreseeable when the situation will turn positive again.
It is a very difficult situation for all of us in China and Hong Kong. Not only do our employees in Guangzhou need to stay healthy to protect themselves and their loved ones, but we must work together to find ways to keep operations going so that business is not seriously affected.
Our suppliers, our logistics center and transport logistics are currently suspended. With the airlines' decision to suspend flights to and from China until March 28, 2020, this could lead to a serious problem and a total loss of revenues for Q1/2020.
The spread of the coronavirus will inevitably affect businesses in China and Hong Kong, not only in terms of supply chain operations, human resources management, various compliance requirements and perhaps most importantly, cash flow.
NEXT ANNUAL GENERAL MEETING BALLUUN AG
will be held June 4th, 2020
Please reserve the date, more information will be disclosed later.
MISSION ACCOMPLISHED - A BIG THANK YOU TO THE SHAREHOLDERS OF BALLUUN AG
We are pleased to announce that we have successfully completed the capital increase requirements - at least CHF 4 million in cash through the exercise of subscription rights. For this impressive trust, which was already confirmed at the Annual General Meeting with the approval of the capital increase, we would like to thank all shareholders who subscribed for New Shares.
The raising of capital now enables us to restructure Balluun's balance sheet sustainably and give us the prerequisite to be able to scale the B2C business according to our plans.
We ask all shareholders who have subscribed but not yet executed the payment for their New Shares to do so by Friday, September 13th, 2019. Without executed payment, these rights will be allocated to new shareholders.
Shareholders who have paid in but not sent us a subscription form are also requested to send the completed form immediately. Without a subscription form, the subscription of New Shares is not legally valid.
Annual General Meeting 2019
The Annual General Meeting of Balluun AG took place on 07 August 2019 at 14:00 (door opening 13:00) at the rest. Ochsen, Dorfstrasse 32, 5242 Lupfig.
Only those shareholders were entitled to participate and vote who were registered in the Company's share register before July 27th 2019. Shareholders who are registered in the share register on the record date but sell their shares after that date were not entitled to attend or vote at the General Meeting.
CH – 8001 Zürich
Tel. +41 76 805 88 02 (Office Hours: 09:00 – 11:30 and 13:30 til 17:00)