Inzile completes transaction with eFashion Championship
Inzile AB (publ) has today, October 12, 2021 completed the transaction with eFashion Championship PTE Ltd (“eFC”) that was announced on August 5, 2021, as follows.
In accordance with the unanimous approval of an Extraordinary General Meeting of Inzile on September 20, 2021, Inzile has acquired 80% of the shares in QEV Tech Holdings SL, (“QEV Holdings”), which in turn owns 19.64% of the shares in the Spanish electric vehicle-oriented technology company QEV Technologies SL. The purchase price was approximately SEK 494 million and access took place immediately.
In connection with the acquisition, the Board of Directors of Inzile, in accordance with the unanimous authorization of the said Extraordinary General Meeting, has decided on a directed share issue to eFC, by offsetting eFC's entire claim against Inzile attributable to the transfer of shares in QEV Holdings. This means that after registration of the share issue, eFC will own 63% of Inzile. The subscription price was SEK 14.62 per share, which is based on a volume-weighted average price during the period 20 September-6 October 2021.
A condition for the acquisition was that eFC was granted an exemption from its obligation to bid, which would otherwise have arisen in connection with share subscription in the share issue in question. The Swedish Securities Council has granted such an exemption, hence the condition has been met.
For further information, please contact:
Klas Åhgren, acting CEO Inzile, klas.ahgren@inzile.com, +46 70 985 58 02
Peter Wergens, CFO Inzile, peter.wergens@inzile.com, +46 73 325 75 04
This information is such that Inzile AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation (MAR). The information was provided by the above contact persons, for publication on October 12, 2021 at 16.30 CET.
About Inzile
Inzile is a Swedish tech company manufacturing intelligent electrically powered vehicles as well as creating modern transport and service solutions for a sustainable community. The company’s vision is to liberate the world from emission of fossil fuels and to accelerate the climate efforts by contributing to sustainable cities that improve quality of life.
Inzile was founded in 2012 based on a strong will to secure a future climate friendly utility vehicle sector. The team consists of some of Scandinavia’s foremost authorities related to electrical vehicles, digitalization, manufacturing and purchasing. Inzile develops, produces, and sells innovative vehicle solutions on the global market based on the demanding Nordic climate, security requirements and environmental standards. The company is based in Sweden with headquarters and production facility located in Västervik, R&D in Tranås and marketing office in Stockholm.
The company's share is traded on Nasdaq First North Growth Market Stockholm.
Redeye AB is the Company’s Certified Adviser, +46 8 121 57 690, certifiedadviser@redeye.se.
For further information, please visit: www.inzile.com
About Group eFashion Championship PTE. LTD
eFC is owned by the co-founder of ABB Formula E Championship, Mr Enrique Bañuelos de Castro, who provides access to stakeholders in the electromobility market. The eFashionChampionship (eFC) is an electric hypercar racing series that partners with the world’s most famous luxury fashion brands. The championship aims to focus on the increased consciousness towards sustainability, in collaboration with the most influential brands and individuals. eFC will also increase the attraction towards electric vehicles among high-net-worth individuals, in turn boosting the development of the electric vehicle industry as a whole.