Results of the secondary public offering of ELMO Rent AS shares and allocation of new shares
The secondary public offering of ELMO Rent AS shares ended on 10 January 2022 at 16:00.
Up to 145,450 shares were publicly offered, ELMO Rent AS reserved the right to increase the number of shares offered by 500,000 shares, up to a total of 645,450 shares.
A total of 256,363 shares in the amount of EUR 1.4 million were subscribed for during the offering, meaning the offering was over-subscribed by nearly 1.8 times. 1,535 investors participated in the offering.
"Despite the campaign held during the holidays, the result is decent, which delights our team and acknowledges that the contribution to environmental sustainability and technological innovation has been the right one," said Enn Laansoo Jr., founder and Chariman of the Board of ELMO Rent. "A larger number of shares and shareholders should increase the liquidity of our share and lead to price changes in line with the company's development."
"We are grateful that we managed to win the support of 1535 subscribers, and as a token of gratitude, we offer all subscribers of this round a 15% discount on ELMO Rent's services until the end of 2022," said Laansoo.
The proceeds from the offering amounting to EUR 1.4 million will be used to deliver 20 new remotely controlled cars, increase the vehicle fleet, acquire Elektritakso OÜ and start new taxi service and further IT software development activities.
ELMO Rent AS decided to use the upsizing option and issue 256,363 new shares. The new shares will be allocated to the investors participating in the offer corresponding to their subscribed amount.
The settlement of the offering is intended to take place on or about 14 January 2022. All new shares are intended to be admitted to trading on the multilateral trading facility First North, the first trading day will be on or about 27 January 2022.
For additional information please contact:
ELMO Rent AS management board member
+372 5167 991
ELMO Rent AS is an Estonian company whose main field of activity is the provision of green vehicle sharing services and the development, launching, and scaling of related green and innovative technologies, such as a vehicle fleet IT operation system, an automatic controller, and a remotely controlled vehicle.