Saietta Group plc (LON:SED), the international electric powertrain group, has announced that, further to the announcement of the proposed Placing on 3 August 2022, the Broker Option has been exercised in respect of 434,783 new Ordinary Shares, raising additional gross proceeds of £600,000 for the Company.
The Broker Option Shares will be issued at a price of 138 pence per new Ordinary Share (being the Issue Price) and on the same terms and conditions as the issue of the Placing Shares pursuant to the Placing.
With the exercise of the Broker Option and the admission of the Placing Shares to trading on AIM, this results in a total gross fundraise of £23.6 million for the Company; comprising the Placing raising £23 million (before expenses), and the Broker Option raising £600,000 (before expenses).
Admission and Total Voting Rights
Subject to shareholder approval, the Company will make an application to London Stock Exchange plc for an aggregate total of 17,101,450 new Ordinary Shares; comprising the 16,666,667 Placing Shares and 434,783 Broker Option Shares, to be admitted to trading on AIM. It is expected that Admission of the New Ordinary Shares will become effective and dealings will commence on Wednesday 24 August 2022. The Placing Shares and Broker Option Shares will rank pari passu with the existing Ordinary Shares.
Following Admission of the New Ordinary Shares there will be 102,246,893 Ordinary Shares in issue. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Company’s announcement of the proposed Placing on 3 August 2022.
Saietta Group plc (LON: SED) is an AIM-quoted, multi-national business which designs, engineers and manufactures complete Light-duty and Heavy-duty e-drive systems for electric vehicles on land from scooters to buses (Vehicle categories L, M, N and T) as well as marine applications (www.saietta.com).
Saietta has engineered breakthrough electric motor technology including proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which can be combined with in-house power electronics, powertrain controls, mechanical axles and transmissions. The designs are unique and modular, delivering both high and low voltage electric drive solutions. Saietta’s difference lies in its ability to conceive powertrain solutions tailored to deliver competitive advantage and its turnkey engineering services designed to fast-track electric vehicle manufacturers from concept to start of production.
To demonstrate the outstanding attributes of the AFT technology and the company also founded its own next-generation marine propulsion division Propel (www.propel.me) which delivers solutions for boating in the electric era that support the transition to decarbonization and clean mobility on waterways.
