GET Group AB (publ) SECURES SEK 100 Million EQUITY FINANCING Facility
GET Group AB (publ) (‘GET Group’ or ‘the Company’) has on 31 October 2021 signed an equity financing agreement with Los Angeles-based LDA Capital Limited ("LDA Capital") pursuant to which LDA Capital commits to invest up to SEK 100 million in equity in GET Group over the next three years, based on draw down requests made by GET Group.
The Board of GET Group have evaluated several financing offers received in relation to the Company seeking the optimal way to finance its growth strategy and found the offer from LDA Capital to be the most suitable in terms of the attractive mix of flexibility and commitment provided by LDA Capital.
- With LDA Capital we have partnered with a professional international investment partner providing flexible and non-restrictive capital, says Lars Christian Beitnes, CEO of GET Group AB.
The equity financing facility can be used entirely at GET Group's discretion. GET Group may use the facility to draw down funds in tranches in exchange for issuing new shares to LDA Capital over the next 3 years. GET Group will have exclusive control of the timing of each draw down and has the right - not the obligation - to draw down on the full commitment amount up to SEK 100 million over the next 3 years. Subject to its terms, LDA Capital undertakes to subscribe for ordinary shares in the Company upon each of GET Group’s draw down notices.
- The world has just started its long-term transition to a more sustainable future. We find GET Group’s focus on energy and sustainability through their unique ESG-technology companies very compelling. We simply couldn’t resist being part of their commitment to sustainable energy production and energy savings, says Warren P. Baker, III, Managing Partner of LDA Capital.
LDA Capital is obliged to honour each draw down notice from GET Group based upon a subscription price per share equal to 90 per cent of the volume weighted average price ("VWAP") of the shares during a pricing period of 15 consecutive trading days following the draw down notice (the “Pricing Period”). Each draw down notice may request subscription of a maximum number of shares corresponding to 750 per cent of the average daily trading volume in GET Groups share based on the preceding 15 trading days. The Company shall set a floor price for which the shares will be issued. The Company may change the floor price for each draw down. A press release will be issued when the Pricing Period for a draw-down has been completed and the purchase price and exact number of shares to be issued to LDA Capital have been resolved by the Board of GET Group.
As part of the equity financing facility, the Company undertakes to pay a fee of SEK 2,000,000 SEK and issue 41,147,085 warrants to LDA Capital, exercisable at any time within three (3) years at a subscription price per share corresponding to 130 percent of a volume-weighted average price (rounded of to the nearest SEK 0.01) for the Company's share on Nordic SME during a period of fifteen trading days from 1 November 2021.
LDA Capital undertakes to make a non-controlling investment in GET Group and will at any time hold more than 19.9 per cent of the total share capital of the Company.
- The Board is very satisfied to have secured this equity financing facility that increases the Company’s ability to act fast and timely on each investment opportunity, says Reidar Michaelsen, Chairman of GET Group AB.
To facilitate the execution of the equity financing facility, the Company will use an at the time of the resolution valid authorisation, granted by the General Meeting, to resolve on an issue of shares to LDA Capital.
This is such information that GET Group AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the below contact person, for publication on 1 November 2021, 08:00 CET.
For further information, please contact:
Lars Christian Beitnes, CEO
Telephone: +46 8 1220 4146
Investor Relations: firstname.lastname@example.org
About GET Group:
GET Group AB (publ) (ticker symbol: GETG) is an investment company focused on energy and sustainability. We are creating the world’s most compelling listed ESG company, by owning and financing the unique technology companies that are committed to energy production and energy saving. Our mission is to actively contribute to the world’s transition to sustainable energy.
GET Group AB (publ), c/o Mcon AB, Södra Larmgatan 4, SE-411 16 Gothenburg
www.getgroup.se | www.rock.energy | www.lightcircle.io
About LDA Capital:
LDA Capital is a global alternative investment group with expertise in complex, cross border transactions worldwide. Our team has dedicated their careers to international & cross border transactions having collectively executed over 200 transactions in both public and private markets across 43 countries with aggregate transaction values of over US$10 billion.
w: www.ldacap.com; e: email@example.com.