(Alliance News) - expert.ai Spa announced Tuesday that it has received a notice from its shareholder GUM Group Spa, a company indirectly controlled by the company's chairman and CEO, Dario Pardi, whereby GUM has irrevocably committed to underwrite its entire share of the EUR30 million capital increase.

In addition, GUM Group will underwrite, at the same subscription price as in the offer, any shares unopted as a result of the stock market offering of option rights not exercised by the end of the option period, for a total amount of EUR5.0 million, also including the amount for the subscription of option shares.

The Underwriting Commitment is unsecured and has no expiration date for the purpose of exercise and is subject to the condition that the offering price does not exceed EUR1.20 per newly issued share.

For the purposes of the Underwriting Commitment, GUM has also committed to make, by June 28, a payment on account of future capital increase in an amount equal to the option portion related to the capital increase to which it is entitled, estimated at approximately EUR2.2 million.

GUM, moreover, has expressed its interest in subscribing, at its own discretion, to the additional shares unopted following the IPO up to a maximum of EUR15.0 million.

Finally, expert.ai reported that talks are underway with other shareholders who have expressed their interest in subscribing to the capital increase.

Expert.ai's stock closed Tuesday down 1.6 percent at EUR1.20 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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