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Published: 2022-06-20 11:00:00 CEST
Company Announcement

Results of the Initial Public Offering of Shares of Cleveron Mobility AS

Cleveron Mobility AS (registry code 16472103, address Reinu tee 48, Viljandi, Viljandi county, 71020, the “Company”) hereby informs of the results of the initial public offering of the shares of the Company (the “Offering”).

On 17 June 2022 at 16:00, the Offering ended. As part of the Offering, the Company aimed to raise up to 5 million euros by the issue of up to 2,673,795 new ordinary shares (the “Offer Shares”). Altogether 6,734 investors subscribed for a total of 2,706,373 shares for 5,060,917,51 euros, i.e., the Offering was slightly oversubscribed.

Arno Kütt, chairman of the management board of the Company notes that the Offering was very successful, considering the complicated conditions present in financial markets. “We thank all the subscribers and accept with open arms all our new shareholders. The Company acquired close to 7,000 new shareholders. We will do everything to ensure that they will not be disappointed in their investment.”

The budgeted costs of the Offering amounted to approximately 170 thousand euros. The Offering was completed under budget. Thus, the net proceeds from the Offering exceed slightly the expected 4,830,000 euros. The funds received from the Offering are planned to be used for technology development and for other business developments.

The Offer Shares are allocated between the investors according to the following principles:

  • the subscribers who subscribed for up to 10,000 shares will receive the amount of shares they subscribed for;
  • the subscribers who subscribed for over 10,000 shares will receive in addition 69.48% of the shares they subscribed for in excess of the 10,000.

The Offer Shares allocated to the investors are expected to be transferred to the securities accounts of the investors on or about 22 June 2022.

In addition, two investors subscribed for shares for a total consideration of at least 100,000 euros each. In total they subscribed for 106,976 shares. All the shares they subscribed for will be issued as part of the private placement simultaneously with the public offering (Offer Shares will not be issued to them). That makes up the first part of said private placement.

The shares of the Company are proposed to be admitted to trading on the First North MTF operated by Nasdaq Tallinn AS, and the trading is expected to commence on or about 28 June 2022.


Further enquiries:

Arno Kütt
Chairman of management board of Cleveron Mobility AS