Meyer Burger Technology AG (SWX:MBTN) on Friday unveiled the terms for a share issue in which the Swiss solar module manufacturer is seeking CHF 250 million (USD 252.21m/EUR 251.28m) in gross proceeds to finance the expansion of its annual production capacity to about 3 GW.
The offering will consist of up to 934.6 million new shares and existing shareholders will be entitled to subscribe to seven new shares for each 20 shares held at a price of CHF 0.267 per new share.
The subscription period will run between November 1 and November 9 with the new shares expected to start trading on the stock market in Zurich on November 11.
Meyer Burger noted that all members of the company's management and board of directors will take part in the capital increase.
The share issue was approved with a large majority by the company's extraordinary shareholders' meeting held on October 28.
The proceeds from the transaction will be used to raise Meyer Burger's production capacity more rapidly to reach about 3 GW by the end of 2024. Then, the company aims to have 1.4 GW of module production capacity in Freiberg, Germany, and about 1 GW in Goodyear, Arizona.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.