RCS - artnet AG - Artnet Confirms Receipt of USD 2.5 Million

Artnet AGAnnouncement

09/01/2023 13:45

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RNS Number : 1270M  artnet AG  09 January 2023

 artnet AG / Key word(s): Financing/Forecast

artnet AG: Artnet Confirms Receipt of USD 2.5 Million in Funding to Support
 Growth

09.01.2023 / 13:15 CET/CEST

The issuer is solely responsible for the content of this announcement.

Artnet Confirms Receipt of USD 2.5 Million in Funding to Support Growth

 New York/Berlin, January 9, 2023: Artnet, the leading platform for art market
 data and media, and the global marketplace for fine art, can confirm the
 receipt of USD 2.5 Million in funding to support its continued growth.

 Artnet has this week received USD 2 Million in the form of a non-repayable US
 Government grant. The Employee Retention Credit (ERC) is a tax credit designed
 for businesses who managed to sufficiently retain and pay employees throughout
 the COVID-19 pandemic. Despite the challenges of the pandemic, Artnet was able
 to record growth across all segments in 2021, including 40% growth in its
 media segment, leading to a 14% overall revenue increase.

 Artnet has received further funding in the form of a loan from its founder and
 major shareholder, Galerie Neuendorf AG's Hans Neuendorf. The USD 500,000
 credit will be used to support growth and further bolster Artnet's balance
 sheet in 2023. The IMF warned on January 2 that it estimates a third of the
 world economy will be in recession this financial year. Management has taken
 early precautions and is pleased to have received additional access to
 liquidity through this channel.

 Artnet is looking forward to what promises to be a formative year for the
 Company and the wider market as the art world continues its transition to
 online commerce. The funds provide additional support to the Company to start
 the year as it seeks to capture the nascent shift in purchasing behavior by
 providing a holistic online ecosystem for the global art market.

 Further Investor-relations related news and publications can be found here:

 http://www.artnet.com/investor-relations/

 About Artnet

 Artnet has 55 million users annually, making it the largest platform for fine
 art globally. Founded in 1989, Artnet has revolutionized the way people
 discover, research, and collect art today. Artnet's Data provides
 mission-critical resources for the art industry, encompassing more than 15
 million auction results and AI- and ML-driven analytics, driving transparency
 and insight in the art market. Artnet's marketplace connects leading galleries
 and auction houses with its global audience, offering a curated selection of
 over 250,000 artworks for sale worldwide. Artnet Auctions, the pioneering
 online-only auction platform, offers unprecedented reach, liquidity, and
 efficiency for buyers and sellers. Artnet News covers the events, trends, and
 people shaping the global art market with up-to-the-minute analysis and expert
 commentary. Together, Artnet's broad synergistic product offering provides a
 comprehensive ecosystem that drives and informs the modern art market.

 Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the
 segment with the highest transparency standards. The majority of operations
 are headquartered in New York at its  wholly-owned subsidiary, Artnet
 Worldwide Corporation, a New York based entity founded in 1989. Artnet
 Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.

 ISIN: DE000A1K0375

 LEI: 391200SHGPEDTRIC0X31

 Contact:

 Sophie Neuendorf, Vice President

 sneuendorf@artnet.com

09.01.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News
 - a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
 Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

 Language:     English
 Company:      artnet AG
               Oranienstraße 164
               10969 Berlin
               Germany
 Phone:        +49 (0)30 20 91 78 -0
 Fax:          +49 (0)30 20 91 78 -29
 E-mail:       info@artnet.de
 Internet:     www.artnet.de
 ISIN:         DE000A1K0375
 WKN:          A1K037
 Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in
               Berlin, Dusseldorf, Stuttgart, Tradegate Exchange
 EQS News ID:  1530619

 

 End of News  EQS News Service

1530619  09.01.2023 CET/CEST

 

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