Azelio's thermal energy storage system. Source: Azelio
Swedish energy storage technology developer Azelio AB (FRA:4AZ) has announced the results of its rights issue targeting net proceeds of about SEK 250 million (USD 22.33m/EUR 22.76m).
A total 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 said in a statement earlier this week. The offering is worth SEK 300 million (USD 26.80m/EUR 27.31m).
The company noted that guarantee commitments of some 11.8 million units, equal to around 40.8% of the offered units, will be utilised.
In September, the issue was priced at SEK 10.36 per unit which consists of seven newly issued shares and one warrant. The price corresponds to SEK 1.48 per share.
The new shares and warrants will start trading on Nasdaq First North Premier Growth Market on or about October 31, 2022.
With the proceeds from the transaction, Azelio will fund its ongoing operations and general corporate purposes. Part of the capital will be spent to advance the development and accelerate the market launch of the TES.POD system as well as to finance production investments in core technology.
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