Ebusco has raised 36 million euros via right issue

Ebusco announces it has raised a total of EUR 36 million through the successful completion of its Rights Issue. Results of the Rights Issue. The final gross proceeds of the Rights Issue amount to EUR 36 million, corresponding to the issuance of 43,853,031 new ordinary shares at an issue price per share of EUR 0.8209.

Gotion will have a 9.3% stake in Ebusco and will have a seat on the bus maker’s supervisory board and board of directors.

The completion of the right issue follows the announcement, on 25th October, that Ebusco’s shareholders adopted all resolutions on the agenda of 24th October’s meeting in order to go ahead with the turnover plan, put its operations in order and avoid bankruptcy, that appeared quite close after the loss of a court case against Qbuzz on the 23rd October.

Ebusco right issue successfully completed

As a result, the net cash proceeds from the Rights Issue will amount to c. EUR 27.7 million

Holding own by Ebusco’s founder and former CEO Peter Bijvelds, ING and VDVI B.V. have participated in the Rights Issue through converting their shareholder loans of EUR 3.5 million, EUR 1.0 million and EUR 0.5 million, respectively, in equity at the Issue Price and through exercising rights for EUR 1.5 million and EUR 1.61 million, respectively, for Peter Bijvelds Holding and ING.

Following the end of the exercise period of the Rights Issue, Ebusco states it has successfully placed a portion of the 15,675,092 rump shares with “qualified, eligible institutional investors”. The balance of the rump shares has been allocated to CVI Investments, Inc. (an entity managed by Heights Capital Management) for the full EUR 6.0 million underwriting commitment and to Hefei Gotion High-Tech Power Energy Co. Ltd for c. EUR 1.8 million of its EUR 5.0 million underwriting commitment.

Under the terms of the investment agreement with Gotion, as announced on 18 November 2024, the proceeds will be used by Ebusco to set-off an outstanding accounts payable position it has with Gotion. Under the terms of the investment agreement, the Company will call an Extraordinary General Meeting of Shareholders in Q1 2025 to ask for approval for a further share issuance to Gotion at the issue price of the Rights Issue (the proceeds of which will be used to pay down the remaining accounts payable position with Gotion), to strengthen its balance sheet. Gotion will have the right to subscribe in the subsequent share placement for up to the amount of Ebusco’s remaining outstanding accounts payable to Gotion.

Ebusco specifies that “The net proceeds and net cash proceeds of the Rights Issue are EUR 34.5 million and EUR 27.7 million, respectively, the difference being the result of the conversion of the shareholder loans into equity and the offsetting of the outstanding accounts payable position with Gotion”.

Christian Schreyer, CEO of Ebusco, comments: “It is a challenging time for Ebusco, and despite the difficulties, I am thankful for the support we’ve received from both existing and new shareholders. This capital raise is essential for the continuation of the company and I’m pleased to get the chance to move forward and further restore the company. The coming months will remain challenging, but with the dedication and determination I have seen at Ebusco, I’m confident we are able to improve our performance. I would like to thank our shareholders for their contribution and the trust they have shown in us. With their support, we can now take the necessary steps to rebuild the trust among all stakeholders.”