PHOTONIKE CAPITAL S.A. 23 Oct 2023 15:58 CEST
PHOTONIKE CAPITAL
The Board of Directors of Photonike Capital Sa has not approved the project to move from Euronext Access to Euronext Growth segment.
Despite being present at the Access Euronext Exchange since it was called Marche Libre, the requirements to move to Growth segment and the costs are equivalent to a first listing process.
Despite the continuoes exchange on Growth there are no certainties that this could be enough to allign to the actual Book Value the market price of the stock, today about 5 time less.
After a long discussion and analysis, the Board did not authorize the project for the following reasons:
- too long realization time (over 2 months),
- excessively high total costs (about 120,000 euros),
- no usefulness of the transition to the Growth segment to align the market price at the Book Value,
- the danger that the minimum requirement of 2.5 million floating at current stock exchange prices will not be reached on the market due the undervalued price.
The Board decided to use the funds to focus and accelerate the definitive release of the reinsurance license and postpone the decision on the stock exchange on that date.
PHOTONIKE CAPITAL
Euronext
PHOTONIKE CAPITAL
BE0948608451
MLPHO
Euronext Access
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Photonike Capital SA published this content on 23 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 14:47:08 UTC.
