(Lysaker,
TECO 2030 and the bond holders have agreed to complete the conversion at a price per share
“I am happy to announce that 83% of our convertible bondholders have committed to convert outstanding bonds to equity by issuing new shares. This is an attractive way of increasing our equity and reducing our non-current liabilities, in order to position the company for our strategic growth plans. I am overwhelmed by the trust our bondholders and existing investors have shown through a rough period in the capital markets,” says
The conversion of bonds represents a deviation from the shareholders' pre-emptive right to subscribe for and be allocated the new shares. The Board has carefully considered this in light of the equal treatment obligations under section 3.1 of the Euronext Growth Rule Book Part II and Oslo Børs' Circular no. 2/2014, and is of the opinion that it is in compliance with these requirements and guidelines. The Board has considered whether the conversion and issuance of shares is in the best interest of the Company and its shareholders, emphasizing that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the conversion will significantly increase the Company's equity situation, thereby also expected to improve the possibilities of obtaining additional equity financing. Taking into consideration the current equity markets, the Company's need for funding, execution risk and available alternatives, the Board is of the opinion that the waiver of the pre-emption rights inherent in the planned private placement is in the best interest of the Company and its shareholders.
The new shares will be listed on Euronext Growth as soon as the share capital increase has been resolved and registered with the
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
Pål Christian Johnsen , CFO, +47 412 76 747, pcj@teco2030.noTore Enger , CEO ofTECO 2030 ASA , +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 is building up
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on
Attachments
- Download announcement as PDF.pdf
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