Forsee Power Draws Down €10 Million as Part of Its Financing Contract With the EIB
08 Dezember 2023 - 6:23PM
Business Wire
Regulatory News:
Forsee Power (FR0014005SB3 – FORSE – the “Company”),
expert in intelligent battery systems for sustainable
electromobility, announces the drawing of a tranche of 10 million
euros from the European Investment Bank (EIB) under the credit
agreement for a maximum principal amount of €50 million signed with
this institution in December 2020.
Drawdown of Tranche C
As of 06/30/2023, the Company had two unused financing lines of
€10 million each (Tranches C and D) contracted with the EIB.
- The drawing of Tranche C for 10 million euros was conditional
on prerequisites (i) achieving consolidated turnover which the
group had already achieved at the close of the 2020 financial year
and (ii) carrying out a capital increase of an amount greater than
10 million euros, which was carried out in November 2021 with the
Company's IPO. It is this Tranche C which is the subject of the
drawing, and which will be paid on December 18, 2023 bearing an
annual interest of 3% and a capitalized interest of 1.5% payable
ultimately upon repayment of the principal (maturity 5 years).
These financing conditions remain competitive compared to current
financing conditions.
- The Company also has the possibility of drawing on a Tranche D
in the amount of 10 million euros subject to the achievement of
certain conditions, which have not been met to date.
The drawing of this Tranche C has already given rise on December
4, 2023, on the basis of the twenty-fourth resolution adopted by
the combined general meeting of June 23, 2023, to the issue for the
benefit of the EIB of 1,000 new bonds of so-called “BEI E” shares
(the warrants) with an exercise price of €5.78 per warrant, each
warrant giving the right, in the event of exercise, to the
subscription of a maximum of 300 new ordinary shares of the Company
(i.e. 0.0004% of the share capital per warrant, on an undiluted
basis).
The main characteristics of warrants are summarized below:
Exercise cases for
warrants
The warrants are exercisable depending on
the occurrence of certain events (carried out after the issuance of
the warrants), in particular:
- Change of control;
- Maturity of Tranche C;
- Reimbursement for any reason whatsoever of one of the Sections
of the credit contract;
- Event of default.
Exercise period for
warrants
20 years from emission date
Sale option to the benefit of
the EIB
Alternatively, to the exercise of the
warrants, the EIB has a promise of sale pursuant to which it can
ask the Company either to repurchase or repay all or part of its
warrants for an amount corresponding to their value.
The issue of these warrants will also result in the
recalculation of the conversion parity of the 6,857 “BEI A”
warrants and the 3,500 “BEI C” warrants held by the EIB giving it
access in the event of exercise to a maximum of 1,622,816 new
ordinary shares of the Company (on a diluted basis).
Use of funds
The funds from the drawdown of Tranche C will be used during the
2024 financial year to strengthen the Company's production
capacity.
About Forsee Power Forsee Power is an industrial group
specializing in smart battery systems for sustainable electric
transport (light vehicles, off-highway vehicles, buses, trucks, and
trains). A major player in Europe, Asia and North America, the
Group designs, assembles, and supplies energy management systems
based on cells that are among the most robust in the market and
provides installation, commissioning, and maintenance on site and
remotely. More than 2,500 buses and 130,000 LEV have been equipped
with Forsee Power’s batteries. The Group also offers financing
solutions (battery leasing) and second-life solutions for transport
batteries. Forsee Power and its 700 employees are committed to
sustainable development and the Group has obtained the Gold medal
from leading sustainability rating agency EcoVadis. For more
information: www.forseepower.com | @ForseePower
Forward-looking statements This press release contains
forward-looking statements about Forsee Power and its subsidiaries.
These statements include financial projections and estimates and
their underlying assumptions, statements regarding plans,
objectives, intentions and expectations with respect to future
financial results, events, operations, services, product
development and potential, or future performance. Forward-looking
statements are generally identified by the words "expects,"
"anticipates," "believes," "intends," "estimates," "forecasts,"
"projects," "seeks," "strives," "aims," "hopes," "plans," "may,"
"goal," "objective," "projection," "outlook" and other similar
expressions. Although Forsee Power's management believes that these
forward-looking statements are reasonable, investors and
shareholders of the group are cautioned that forward-looking
statements are subject to numerous risks and uncertainties, many of
which are difficult to predict and generally beyond the control of
Forsee Power, that could cause actual results and events to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in public
documents approved by the Autorité des marchés financiers,
including those listed in Chapter 3 "Risk Factors" of Forsee
Power's 2022 universal registration document approved by the
Autorité des marchés financiers on April 25, 2023 under number
R.23-016 and in section 2.9 "Description of the main risks and
uncertainties for the remaining six months" of the 2023 half-year
financial report. These forward-looking statements are made only as
of the date of this press release and Forsee Power undertakes no
obligation to update any forward-looking information or statements
included in this press release to reflect any change in
expectations or events, conditions or circumstances on which any
such forward-looking statement is based. Any information regarding
past performance contained in this press release should not be
construed as a guarantee of future performance. Nothing in this
press release should be construed as an investment recommendation
or legal, tax, investment or accounting advice.
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version on businesswire.com: https://www.businesswire.com/news/home/20231208560584/en/
Forsee Power Sophie Tricaud VP Corporate affairs and
Sustainability investors@forseepower.com
NewCap Thomas Grojean Quentin Massé Investor Relations
forseepower@newcap.eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
forseepower@newcap.eu +33 (0)1 44 71 94 98
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