Hexagon Composites ASA - Participation in Hexagon Purus' contemplated private placement of new shares
Reference is made to the stock exchange announcement from Hexagon Purus ASA ("Hexagon Purus" or the "Company") published 30 October 2024 whereby the Company announced the launch of a contemplated private placement of new shares raising gross proceeds of approximately NOK 1,000 million (the "Private Placement").
The Private Placement is supported by Hexagon Composites ASA ("Hexagon Composites") and Mitsui & Co., Ltd. through pre-commitments and pre-allocations. Hexagon Composites has irrevocably committed to subscribe for, and will receive an allocation of shares for, approx. NOK 380 million in the Private Placement.
“Hexagon Composites remains committed to Hexagon Purus’ development and success. We are pleased to take part in the Company’s continued remarkable growth and to note its line of sight to profitability," says Jon Erik Engeset, CEO of Hexagon Composites.
As stated by Hexagon Purus, the net proceeds from the Private Placement will be used to finance the Company's business plan and are intended to fully fund the Company well past the point of cash flow break-even.
The new shares issued in the Private Placement will be allocated in two tranches, where shares in the first tranche will be issued by Hexagon Purus' board of directors pursuant to the board authorization granted by its annual general meeting, and the issuance of shares in Tranche 2 will be subject to approval by an extraordinary general meeting of the Company (the "EGM"). Hexagon Composites will receive all or a substantial proportion of its allocation in Tranche 2 which will be conditional upon approval by the EGM.
In connection with the Private Placement, and subject to certain customary exemptions, Hexagon Composites has committed to a 3-month lock-up period with the Company's managers for the Private Placement, for the shares in the Company held by Hexagon Composites.
For key terms related to the Private Placement, please refer to Hexagon Purus' stock exchange announcement.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange release was published by Berit-Cathrin Høyvik, Senior Director Communications, Hexagon Composites ASA at the time and date provided.
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone +47 920 91 483 I david.bandele@hexagongroup.com
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at hexagongroup.com and follow @HexagonASA on X and LinkedIn.