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Otovo AS Class A ( (DE:89K0) ) just unveiled an announcement.
Otovo ASA has completed a private placement of 13,985,000 new shares at NOK 11.50 per share, structured in two tranches and settled through a delivery-versus-payment mechanism supported by a share lending agreement. Board members Lars Erik Torjussen and George Coyle participated in the offering, underscoring insider support for the capital raise.
To facilitate settlement, Jackson Leigh Ventures LLC, a major shareholder controlled by Otovo’s CEO, lent 11,070,520 existing shares to the placement manager, to be returned via newly issued shares in tranche 1. As a result of the private placement, Jackson Leigh Ventures’ ownership stake has been diluted from 23.17% to 19.18%, and may fall to 18.34% if tranche 2 is approved, slightly reducing CEO-linked control while strengthening the company’s capital base.
More about Otovo AS Class A
Otovo ASA is a Norwegian company active in the renewable energy sector, focusing on solar power solutions for residential and commercial customers. The company operates as a marketplace and installer network for rooftop solar systems, targeting growth in European markets as demand for distributed clean energy increases.
YTD Price Performance: 14.29%
Average Trading Volume: 68,315
Current Market Cap: NOK637.7M
For an in-depth examination of 89K0 stock, go to TipRanks’ Overview page.