2CRSi Engages Independent Third Party to Verify Contested €110M Sale
Strasbourg-based high-performance server manufacturer 2CRSi has announced the engagement of an independent third party to verify the existence and execution of the sale of 194 servers to a German client, initially announced on June 9 for €110M. This action follows allegations made by short-seller Grizzly Research in mid-June.
Independent Verification of Announced German Contract in June
The board of directors of 2CRSi, convened on June 29, decided to proceed with the verification of the existence and execution of the sale of 194 servers to a German client, announced on June 9, by an independent third party. This procedure addresses the allegations recently made and is in line with a commitment to transparency in accordance with the recommendations of the Audit and Risk Committee.
The verification will rely on direct confirmations from independent sources. The engaged third party will directly contact banks, the client, and carriers to corroborate the reality of the transaction, including the existence of the order, the actual deliveries, and the reality of the payment.
Verification Process Initiated on June 22
The verification process began on June 22 during a special meeting of the Audit and Risk Committee, which consists solely of independent directors and the group's Statutory Auditor. 2CRSi clarifies that this engagement constitutes a factual findings report, separate from the legal audit, and that it covers the specific scope of this contract.
The results will be communicated as soon as they are available through regulated information channels. The company emphasizes that the timeline does not depend on 2CRSi but on the individual response times of the contacted third parties. The group is also continuing to address other raised issues and will keep the market informed of the progress of its work.
