Samvardhana Motherson International Limited — Important, 09-01-2025: General Updates

Samvardhana Motherson International Limited has provided an update regarding its investment in Prysm Systems Inc. MSSL Consolidated Inc., a wholly-owned subsidiary, has not converted its 12% optionally convertible secured notes due to unmet conditions. The development of the Gen 3 prototype is ongoing, requiring additional funding, prompting MSSL Consol to initiate a statutory foreclosure process and public auction for Prysm's assets to secure full ownership of the technology. MSSL Consol has served notice on Prysm for default on outstanding notes, totaling approximately USD 19.875 million. As a contingency, Prysm has begun foreclosure proceedings, which may allow MSSL Consol to acquire Prysm’s assets. To support ongoing operations during this process, MSSL Consol has approved up to USD 3.8 million in drip financing. The company has already accounted for this investment conservatively, thereby not impacting its profitability. Further details on the foreclosure process will be shared by the end of the fiscal year. Investors should watch closely for developments as this situation unfolds.