Azelio announces the outcome of the offering

Swedish Azelio AB (publ), a technology company that offers a system of stirling engine-based concentrated solar power with thermal energy storage, announced the outcome of the offering to subscribe for shares in the company in connection with the listing of the company’s shares on Nasdaq First North. »The Offering attracted strong interest, both from Swedish and international institutional investors as well as from the general public in Sweden, despite recent difficult stock market in Sweden and internationally,« says Azelio. It provides the company with gross proceeds of approximately SEK 242 million. The company receives approximately SEK 216 million ($26.8 million) after transaction expenses of approximately SEK 26 million ($2.8 million), which along with the Azelio’s existing funds »is sufficient working capital to finance the company’s business plan over the coming 12-month period.« Eleven million newly issued shares were sold, corresponding to approximately 26 percent of the outstanding shares and votes after the Offering. In addition, in order to cover overallotment, the company has committed to issue a maximum of an additional 1.65 million new shares. If the overallotment option is fully exercised, a maximum of 12.65 million shares will be sold, corresponding to approximately 29 percent of the total number of shares and votes, providing the company with additional approximately SEK 36 million ($3.9 million).

Related News