Official Formula 1 branded sim racing continue will continue to be produced by Fanatec, as share price slumps.
Formula 1 and sim racing equipment manufacturer Fanatec will continue to partner on F1-branded hardware following a renewed deal.
The official licencing agreement is said to be ‘multi-year’, extending a collaboration that first started in 2018. It includes Fanatec equipment being used at F1 races, in Fan Zones and Paddock Club, alongside the product line.
The equipment used in the championship’s esports series, F1 Sim Racing, will also continue to be supplied by Fanatec. The final set of rounds for the current season is expected at a LAN even running 7th-9th May.
“We're thrilled to extend our partnership with Formula 1 and to be the Official Provider of F1 Sim Racing,” said Belma Nadarevic, Chief Marketing Officer of Fanatec.
“Formula 1 and Fanatec share the same desire to bring authentic, immersive motorsport experiences to fans everywhere.”
This follows the ClubSport Racing Wheel F1 Bundle, which was released in March with a new variation on the F1 wheel paired with the PC and PlayStation-compatible DD Extreme wheel base.
There is no update on the F1-branded Fanatec cockpit’s availability, first seen in 2022 at the 24 Hours of Spa in prototype form (main image), which is currently used in the aforementioned F1 Sim Racing events.
Parent company Endor AG published a brief update to markets on 24th April, explaining that a recapitalisation process is set to begin, following the granted extension of bridging loans. Terms of said loans saw founder Thomas Jackermeier dismissed as CEO, although he is still working at the Landshut-based company.
"After extending the bridging loans until June 30, 2024, the Executive Board of Endor AG initiated a recapitalization process in coordination with the financing banks," reads the statement.
"Endor AG is in ongoing discussions with investors. Depending on the investors’ offers, various options are examined.
“The investor process is conducted in an open-ended manner and the Board of Directors examines an injection of equity capital through capital increases as well as investor entry using instruments in accordance with the Act on the Stabilization and Restructuring Framework for Companies (StaRUG).”
Following this news, the markets reacted in a dramatic fashion, with Endor’s share price plummeting yesterday (25th) to its lowest point in nearly seven years, before rallying again this morning (26th). At the time of writing, it sits at €1.19 (compared to yesterday’s low point of €0.55), which is still over a 90 per cent decrease from 12 months ago.
Today, a further statement was published by Fanatec's Chief Financial Officer, Matthias Kosch. It discusses an expected liquidity requirement of €25 million by October 2024, and how it is speaking with "several investor groups" to cover it. In a twist, one of these involves former CEO Jackermeier:
"This also includes investors who are working on an offer together with the majority shareholder, Mr. Jackermeier," states the release.
"The injection of equity capital through capital increases is an option, as is investor entry with instruments in accordance with the law on the stabilization and restructuring framework for companies (StaRUG)."
It follows the appointment of a new CEO, Andres Ruff earlier this month. He was initially hired as Chief Restructuring Officer, before being moved into the chief executive role.
Formula 1 and sim racing equipment manufacturer Fanatec will continue to partner on F1-branded hardware following a renewed deal.
The official licencing agreement is said to be ‘multi-year’, extending a collaboration that first started in 2018. It includes Fanatec equipment being used at F1 races, in Fan Zones and Paddock Club, alongside the product line.
The equipment used in the championship’s esports series, F1 Sim Racing, will also continue to be supplied by Fanatec. The final set of rounds for the current season is expected at a LAN even running 7th-9th May.
“We're thrilled to extend our partnership with Formula 1 and to be the Official Provider of F1 Sim Racing,” said Belma Nadarevic, Chief Marketing Officer of Fanatec.
“Formula 1 and Fanatec share the same desire to bring authentic, immersive motorsport experiences to fans everywhere.”
This follows the ClubSport Racing Wheel F1 Bundle, which was released in March with a new variation on the F1 wheel paired with the PC and PlayStation-compatible DD Extreme wheel base.
There is no update on the F1-branded Fanatec cockpit’s availability, first seen in 2022 at the 24 Hours of Spa in prototype form (main image), which is currently used in the aforementioned F1 Sim Racing events.
Possible Recapitalisation Process, Share Prices, Fresh Investment
Parent company Endor AG published a brief update to markets on 24th April, explaining that a recapitalisation process is set to begin, following the granted extension of bridging loans. Terms of said loans saw founder Thomas Jackermeier dismissed as CEO, although he is still working at the Landshut-based company.
"After extending the bridging loans until June 30, 2024, the Executive Board of Endor AG initiated a recapitalization process in coordination with the financing banks," reads the statement.
"Endor AG is in ongoing discussions with investors. Depending on the investors’ offers, various options are examined.
“The investor process is conducted in an open-ended manner and the Board of Directors examines an injection of equity capital through capital increases as well as investor entry using instruments in accordance with the Act on the Stabilization and Restructuring Framework for Companies (StaRUG).”
Following this news, the markets reacted in a dramatic fashion, with Endor’s share price plummeting yesterday (25th) to its lowest point in nearly seven years, before rallying again this morning (26th). At the time of writing, it sits at €1.19 (compared to yesterday’s low point of €0.55), which is still over a 90 per cent decrease from 12 months ago.
Today, a further statement was published by Fanatec's Chief Financial Officer, Matthias Kosch. It discusses an expected liquidity requirement of €25 million by October 2024, and how it is speaking with "several investor groups" to cover it. In a twist, one of these involves former CEO Jackermeier:
"This also includes investors who are working on an offer together with the majority shareholder, Mr. Jackermeier," states the release.
"The injection of equity capital through capital increases is an option, as is investor entry with instruments in accordance with the law on the stabilization and restructuring framework for companies (StaRUG)."
It follows the appointment of a new CEO, Andres Ruff earlier this month. He was initially hired as Chief Restructuring Officer, before being moved into the chief executive role.
