News agreement #2
November 23 this year the management board of Vigo Photonics (the “Company”) received information from WOOD & Company Financial Services, a.s. Spółka Akcyjna, Branch in Poland and IPOPEMA Securities S.A. (“Co-Bookrunner”) on the completion of the accelerated process of building a book of demand for series F shares issued on the basis of the resolution of the Company’s Extraordinary General Meeting of Shareholders dated November 20 this year (“Issuance Resolution”), offered by way of private subscription with the exclusion of pre-emptive rights.
After reviewing the recommendations of the Joint Bookrunners, the Supervisory Board of the Company, based on the authorization contained in the Issue Resolution, decided on November 23 this year. a resolution on determining the issue price of series F shares, according to which the issue price of one series F share was set at PLN 430.
At the same time, based on the authorization contained in the Issue Resolution, the Company’s Management Board, after reviewing the recommendations of the Joint Bookrunners, decided on November 23 this year. a resolution in which it determined that the final number of Series F Shares offered would be 145,799 pcs.
In accordance with the Issue Resolution, Series F Shares will be acquired by investors on the basis of contracts for the acquisition of Series F Shares. After signing all agreements for the acquisition of Series F Shares with investors and registration of the increase in the Company’s share capital by the registry court, the Company will obtain from the issue of Series F Shares the amount of PLN 62.7 PLN million gross.
In accordance with the notification received by the Company’s Management Board, Warsaw Equity Management S.A. (“WEM”), the current largest shareholder of the Company, which together with its subsidiary Warsaw Equity ASI sp. z o.o. (“WE ASI”), 104,000 shares of the company, giving 14.27% of the share capital and votes at the general meeting of the Company, took part in the process of accelerated book building for Series F Shares and will participate in the offering of Series F Shares in accordance with its schedule. WEM and WE ASI concluded an agreement limiting the transfer of the shares they hold (lock-up agreement) for the period from the date of conclusion of the lock-up agreement until December 31, 2024.
The purpose of the share issue is to obtain funds that will enable support for the most important development projects implemented by the Company, in accordance with the development strategy for 2021-2026 adopted by the Company’s Management Board in June 2021, including, depending on the decision of the Company’s Management Board:
“First of all, we intend to allocate the funds raised to the development of matrix technologies – optimization of semiconductor structures to the requirements of matrix detectors and preparation of pre-production series of products for the purpose of customer testing and confirmation of compliance with all military standards. In addition, we will start the process of building an infrared matrix production line – the key technologies here are the integration of detectors with the reading system and the encapsulation of the entire module. Obtaining funds from SPO will accelerate the implementation of our technology in the Polish army and will enable the expansion of cooperation with PCO in the implementation of Polish semiconductor solutions for military infrared technology devices,” says Adam Piotrowski, President of the Management Board of VIGO Photonics.
In the near future, we also intend to significantly strengthen our sales team in the USA, both with local staff and engineering support from the team in Poland. The American market is a huge potential for VIGO – in 2023, we managed to open two new development projects for large customers from the arms segment, and we are also implementing several projects for the industrial segment. We want to scale up these projects by allocating more engineering and hardware resources to help customers accelerate commercialization and bring products to market. On the American market, we also plan to strengthen relationships with scientific organizations so that VIGO technological solutions penetrate the industry faster,” adds Łukasz Piekarski, member of the management board and financial director of VIGO Photonics.
Contact for the media and individual investors:
Piotr Piotrowski, cc group
email@example.com, +48 697 613 010
Contact for institutional investors:
Małgorzata Młynarska, cc group
firstname.lastname@example.org, +48 697 613 709