Brief: Shape Robotics' BOD Proposes Rights Issue, Convenes EGM

Shape Robotics A/S

08/02/2023 07:33

Feb 8 (Reuters) - Shape Robotics A/S  SHAPE.CO :
    * SAID ON TUESDAY, WANTS TO INVEST FURTHER IN CO'S
INTERNATIONAL
EXPANSION AND THEREFORE CONVENES EGM ON MARCH 1
    * EXECUTIVE MANAGEMENT IDENTIFIED PROJECTS, STRATEGIC
OPPORTUNITIES THAT IT WANTS TO PURSUE IN CURRENT FINANCIAL YEAR
TO ACCELERATE GROWTH, INTERNATIONAL EXPANSION
    * IT ALSO WANTS TO PURSUE THOSE OPPORTUNITIES TO STRENGTHEN
CO'S
COMPETITIVE POSITION AHEAD OF ITS INTENDED MOVE TO MAIN MARKET
    * HOWEVER, CO'S CURRENT CAPITAL BASE IS NOT SUFFICIENT TO
MAKE
NECESSARY INVESTMENTS
    * BOD, EXECUTIVE MANAGEMENT THEREFORE CONSIDER STRENGTHENING
CO'S
CAPITAL RESOURCES AND ESTIMATE IT WILL BE NECESSARY TO INJECT
DKK 25-38 MLN IN ADDITIONAL CAPITAL INTO CO
    * BOD PREFERS THIS TO BE DONE THROUGH INJECTION OF EQUITY
RATHER
THAN THROUGH INTEREST-BEARING DEBT FINANCING
    * ASSUMING THAT THE GENERAL MEETING ADOPTS BOD'S PROPOSAL
FOR
AUTHORIZATION FOR A CAPITAL INCREASE, BOD INTENDS TO INITIATE A
RIGHTS ISSUE DURING MARCH OR APRIL 2023
    * BOARD EXPECTS THAT THE SUBSCRIPTION PRICE WILL BE SET AT
DKK 18
PER SHARE, WHICH IMPLIES A LARGER DISCOUNT COMPARED TO THE
CURRENT MARKET PRICE
    * BOARD DOES NOT HAVE NECESSARY AUTHORISATION IN CO'S
ARTICLES OF
ASSOCIATION FOR CAPITAL INCREASE, WHICH IS WHY BOARD IS
CONVENING EGM

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nWkr6dmWrz
 Further company coverage:  SHAPE.CO  
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