Netherlands-based Ebusco, a motor vehicle manufacturing company, has raised €36M through the successful completion of its Rights Issue.
The company issued 43,853,031 new shares at an issue price of €0.8209 per share. A total of 28,177,939 shares were subscribed, reflecting a 64.3 per cent take-up rate.
Long-term shareholders, including Peter Bijvelds Holding, ING CIP, and VDVI, participated by converting shareholder loans into equity and exercising their rights. The remaining shares were placed with institutional investors, including CVI Investments and Hefei Gotion, fulfilling underwriting commitments.
The net cash proceeds from the Rights Issue amount to approximately €27.7M.
Christian Schreyer, CEO of Ebusco, says, “It is a challenging time for Ebusco, and despite the difficulties, I am thankful for the support we’ve received from both existing and new shareholders.”
“This capital raise is essential for the continuation of the company and I’m pleased to get the chance to move forward and further restore the company. The coming months will remain challenging, but with the dedication and determination I have seen at Ebusco, I’m confident we are able to improve our performance.”
Schreyer adds, “I would like to thank our shareholders for their contribution and the trust they have shown in us. With their support, we can now take the necessary steps to rebuild the trust among all stakeholders.”
Share capital after the Rights Issue
After the completion of its Rights Issue, Ebusco’s issued share capital will total 65,470,708 ordinary shares, including 7 million shares to be issued to CVI as part of the restructuring of a €36.8M convertible bond issued in December 2023.
The allotment of the new shares is expected on 21 November 2024, with settlement, delivery, and the commencement of trading on Euronext Amsterdam scheduled for 25 November 2024.
New share issuance to Gotion
Ebusco has allocated some rump shares to Gotion for about €1.8M as part of a €5M commitment. The money will be used to settle a debt Ebusco owes to Gotion, as stated in an agreement announced on 18 November 2024.
Ebusco plans to hold an Extraordinary General Meeting (EGM) in Q1 2025 to get approval for issuing more shares to Gotion at the same price as the Rights Issue. The proceeds will help pay off the remaining debt.
Gotion will have the option to buy shares in this future offering to cover the rest of Ebusco’s debt.
Brief about Ebusco
Founded in 2012, Ebusco designs, manufactures and distributes zero-emission buses and related products for the electric vehicle ecosystem. The company aims to promote sustainable, safe, and affordable transportation solutions.
The company’s buses operate in major European cities, including Amsterdam, Berlin, Munich, and Barcelona. As of June 2024, Ebusco employs 770 staff members and has been listed on Euronext Amsterdam since October 2021.
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