Forsee Power, an expert in intelligent battery systems for sustainable electromobility, has drawn a tranche of 10 million euros from the European Investment Bank (EIB) under the credit agreement for a maximum principal amount of €50 million signed in December 2020.
This drawdown of Tranche C has already resulted in the issue of 1,000 new bonds of so-called “BEI E” shares (the warrants) with an exercise price of €5.78 per warrant, each warrant giving the right, in the event of exercise, to the subscription of a maximum of 300 new ordinary shares of the Company.
The recalculation of the conversion parity of the 6,857 “BEI A” warrants and the 3,500 “BEI C” warrants held by the EIB gives it access in the event of exercise to a maximum of 1,622,816 new ordinary shares of the Company (on a diluted basis). The funds from the drawdown of Tranche C will be used during the 2024 financial year to strengthen the Company's production capacity.
Forsee Power is a global leader in the design, assembly, and supply of energy management systems based on cells that are among the most robust in the market, and provides installation, commissioning, and maintenance services.