Response to recent communications on Bidstack litigation
In January 2023 the Court of Amsterdam ruled broadly in Azerion’s favour during a preliminary hearing with regards to the litigation associated with the commercial partnership between Bidstack and Azerion.
The Court assessed that EUR 1.6 million was capable of being argued by both parties related to the prejudgment attachment, which is one-third of the total alleged amount by Bidstack. Azerion has offered a bank guarantee for this amount, and has been accepted by Bidstack.
Currently, the proceedings on the merits have been discontinued due to Bidstack not actually submitting the writ of summons to the Court. The preliminary ruling formulates that Bidstack is required to meet certain obstacles for the proceeding on the merits.
Going forward, Azerion remains confident to disprove allegations made by Bidstack. No material impact from provisions or settlements related to the dispute is expected in Azerion’s financial results. Neither does this litigation affect Azerion’s normal course of business. Thanks to its broad portfolio of more than 300,000 contracted publisher websites worldwide, Azerion has sufficient resources to accommodate the digital advertising volumes that were previously flowing through Bidstack.