Celsius Network Initiated Financial Restructuring and Filed Petitions for Chapter 11 Bankruptcy

Celsius Network announced that it has initiated voluntary Chapter 11 proceedings and filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, to provide the company with the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders. Celsius said that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process. Celsius has not requested authority to allow customer withdrawals at this time. Customer claims will be addressed through the Chapter 11 process.