Pixium Vision welcomes jrating of Commercial Court of Paris v Second Sight Medical Products

• Court finds Second Sight Medical Products breached 2021 contractual obligations to Pixium Vision
• The court ordered Second Sight Medical Products to pay Pixium Vision an additional €1.58 million in costs and damages

Paris, France, December 28th, 2022 – 07:00 CET – Pixium Vision SA (Euronext Growth Paris – FR0011950641; Mnemonic: ALPIX), a bioelectronics company developing innovative bionic vision systems to help patients who have lost their sight to live more independently, announces today that The Company welcomes the judgment of the Paris Commercial Court in the case of Pixium Vision v Second Sight Medical Products, Inc. (renamed Vivani Medical, Inc.) following its withdrawal from the proposed business combination between the two companies¹ on April 2, 2021.

In its judgment of December 8, 2022, the Paris Commercial Court ruled that Second Sight Medical Products had breached its contractual obligations under the Memorandum of Understanding (MoU) signed between the two companies on January 5, 2021 by requiring banking companies to carry out a transaction that required an investment , which competes with the transaction envisaged in the MoU. As a result, the Paris Commercial Court ordered the termination of the MoU due to Second Sight Medical Products’ sole violation.

Pursuant to this judgment, which is provisionally enforceable, the Paris Commercial Court upheld Pixium Vision’s main claims and ordered Second Sight Medical Products to pay Pixium Vision:

• the sum of €2,000,000 for expenses incurred by Pixium Vision in connection with the proposed business combination;
• the sum of €500,000 for damage to the image and reputation of Pixium Vision caused by Second Sight Medical Products’ withdrawal from this transaction; and
• the sum of €30,000 pursuant to Article 700 of the French Code of Civil Procedure, as well as all expenses related to…