Capital/Financing Update • Feb 3, 2023
Capital/Financing Update
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Skandia Greenpower has not so far succeeded in finding strategic solutions or raising equity capital and accordingly it is uncertain whether shareholder value will be secured
Reference is made to the stock exchange release from Skandia Greenpower (the "Company") on 15 November 2022 where the Company announced that it had engaged Pareto Securities as financial advisor to consider broader strategic alternatives for the Company.
The Company's board of directors and the Company's financial advisor has worked consistently to find strategic solutions for the Company, including to explore various alternatives for raising new equity capital. Although a wide specter of strategic solutions has been considered and progress has been made, the Company has not been able to successfully conclude a transaction with any third party and neither has it succeeded in obtaining sufficient support to raise equity capital.
The Company and the board of directors will together with the Company's financial advisor continue to work intensively to find solutions for the Company, including seeking any alternatives that could secure continued operations for the Company. The board of directors will also welcome proposals from shareholders or other stakeholders. However, it is currently uncertain whether the Company will be able to find a solution that will secure value for the shareholders.
Contact person:
Erik Edvard Tønnesen,
Chair of the Board
e-mail: [email protected]
Phone: +47 908 81 948
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