Heramba Electric announced receipt of demand letters from KB GmbH on January 9, 2025, claiming EUR 24.9 million in payments related to the Kiepe acquisition. The demanded amounts include EUR 8.37 million for purchase price adjustments, EUR 15 million for revenue milestone earn-outs, and EUR 1.49 million in collateral fees, all with 9% annual default interest.The demands stem from the July 2023 Share Purchase Agreement where Heramba acquired 85% of Kiepe Electric GmbH and full ownership of Kiepe Electric LLC for an initial price of EUR 4.8 million. The transaction was completed in July 2024 as part of a broader business combination, making Kiepe entities subsidiaries of Heramba Electric.Heramba has contested the demanded amounts and proposed further discussions for resolution. The company is exploring options to protect its rights while warning that insufficient liquidity to meet these obligations could materially affect its financial condition, particularly if cross-default provisions in other debt agreements are triggered.

Heramba Electric announced receipt of demand letters from KB GmbH on January 9, 2025, claiming EUR 24.9 million in payments related to the Kiepe acquisition. The demanded amounts include EUR 8.37 million for purchase price adjustments, EUR 15 million for revenue milestone earn-outs, and EUR 1.49 million in collateral fees, all with 9% annual default interest.The demands stem from the July 2023 Share Purchase Agreement where Heramba acquired 85% of Kiepe Electric GmbH and full ownership of Kiepe Electric LLC for an initial price of EUR 4.8 million. The transaction was completed in July 2024 as part of a broader business combination, making Kiepe entities subsidiaries of Heramba Electric.Heramba has contested the demanded amounts and proposed further discussions for resolution. The company is exploring options to protect its rights while warning that insufficient liquidity to meet these obligations could materially affect its financial condition, particularly if cross-default provisions in other debt agreements are triggered.