- The issue price of Series F Shares was set at PLN 430 per one Series F Share - the Company will obtain PLN 62.7 million gross
- The final number of Series F Shares offered will be 145,799.
- The funds obtained will finance sales growth by supporting operational activities throughout the value chain, in particular investments in the development of own sales structures, development of technologies and activities in the area of infrared detector array technology, as well as photonic integrated circuit (PIC) technologies, including the first phase of the HyperPIC project included in the IPCEI by the EC
- Warsaw Equity Management S.A., the current largest shareholder of the Company, took part in the accelerated book building process and will participate in the offering of Series F Shares in accordance with its schedule
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:
- Accelerating sales growth in development initiatives that constitute the Company's core business (sales of infrared detectors and modules and semiconductor materials), by supporting operational activities throughout the value chain, in particular investments in the development of own sales structures in key markets and continued development of technologies and new products , in order to further strengthen the Company's position as a leading supplier of mid-infrared photon detectors and a supplier of semiconductor materials for applications in photonics and microelectronics.
- Continuation of the project related to the development of infrared detector array technology for civilian and military applications and the launch of serial production of infrared detector arrays.
- Implementation of a project related to the development of photonic integrated circuit technologies and their subsequent implementation into serial production. The share issue is intended to finance the first phase of the HyperPIC project under the Important Projects of Common European Interest program, for which the Company obtained a decision from the European Commission approving public aid in the amount of up to EUR 102.9 million. The decision to grant the Company funding and the determination of the final amount of funding will be made as part of the competition procedure under the European Funds for a Modern Economy program. Entities for which the European Commission has issued a positive decision allowing aid will be able to apply for funding. The Company expects that the implementation of the HyperPIC project will allow the Company to significantly scale its business by becoming a leading supplier of integrated mid-infrared sensor solutions.
“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
piotr.piotrowski@ccgroup.pl, +48 697 613 010
Contact for institutional investors:
Małgorzata Młynarska, cc group
malgorzata.mlynarska@ccgroup.pl, +48 697 613 709
English
Polski
