Azelio reveals outcome of USD 27m rights issue

• Swedish energy storage space innovation designer Azelio AB (FRA:4 AZ) has actually introduced the outcomes of its rights issue targeting net proceeds of about SEK 250 million (USD 22.33 m/EUR 22.76 m).

A total amount of 16.4 million units, or about 56.7% of the offering, have been subscribed for with unit rights while the applications for units without unit rights amount to 737,613, or 2.5% of the total, Azelio stated in a declaration previously today. The offering is worth SEK 300 million (USD 26.80 m/EUR 27.31 m).

The firm noted that guarantee dedications of some 11.8 million units, equal to around 40.8% of the provided units, will be made use of.

In September, the issue was priced at SEK 10.36 per unit which includes 7 newly released shares and also one warrant. The rate corresponds to SEK 1.48 per share.

The new shares and also warrants will certainly begin trading on Nasdaq First North Premier Growth Market on or concerning October 31, 2022.

With the profits from the purchase, Azelio will certainly money its ongoing procedures and also basic business objectives. Part of the funding will certainly be spent to advance the development and also accelerate the market launch of the TES.POD system along with to fund manufacturing investments in core modern technology.