Current Report No. 16/2021 ESPI – Company’s filing for bankruptcy of Kuu Hubb Oy

September 1, 2021

Company:  CHERRYPICK GAMES S.A.

Subject: Company’s filing for bankruptcy of Kuu Hubb Oy

Legal basis: Art. 17 ust. 1 MAR – confidential information.

Content:

The Management Board of Cherrypick Games S.A. _”Issuer” or the “Company”_ in reference to ESPI current report No. 14/2021 regarding the non-payment of receivables from Kuu Hubb Oy, ESPI current report No. 14/2020 regarding the conclusion of a settlement with Kuu Hubb Oy _”Settlement”_, as well as ESPI current report No. 11/2020 regarding the receipt of a judgment from the Helsinki Arbitration Court regarding the dispute with Kuu Hubb Oy _”Judgment”_, informs that the Issuer on 1 September 2021. filed a bankruptcy petition against Kuu Hubb Oy with the Helsinki District Court.

The company has filed a bankruptcy petition against Kuu Hubb Oy for non-payment of the third instalment under the Settlement Agreement in the amount of €1,059,707, together with interest on the outstanding amounts due under the second instalment and interest accrued and still accruing under the third instalment, as well as €550,000 under the Settlement Agreement for the concluded My Hospital game rights sale agreement and a contractual penalty of €300,000.

The Company is entitled to file a bankruptcy petition against Kuu Hubb Oy, as the Issuer’s receivable from Kuu Hubb Oy is based on the Judgment and the Settlement Agreement. In the bankruptcy petition of Kuu Hubb Oy, the Issuer has indicated that Kuu Hubb Oy should currently be deemed insolvent as it is unable to pay its debts as they fall due. In the Company’s opinion, the presumption of insolvency has been met as Kuu Hubb Oy has stopped paying its debts and representatives of Kuu Hubb Oy have informed the Issuer that Kuu Hubb Oy is currently unable to pay its debts .

The Company will report on further significant developments in the bankruptcy proceedings of Kuu Hubb Oy in subsequent current reports.