ABB E-mobility has chosen to make a follow-on equity investment of £2 million into AFC Energy, the business behind the successful validation of its first high power density liquid cooled fuel cell, according to a statement from AFC Energy.
The investment by ABB E-mobility in AFC Energy will be made through a subscription to raise £2.0 million (the “ABB E-mobility Subscription”) by issuing 10,000,000 new Ordinary Shares at a price of 20 pence each, which corresponds to the closing market price for Ordinary Shares on March 28, 2023, the latest practicable date prior to the publication of this Announcement.
After the ABB E-mobility Subscription is complete, the total payments made to ABB E-mobility under the terms of the Agreement will be £4 million, and ABB E-mobility will own 15,038,760 shares, or 2.02 percent, of the enlarged issued share capital of the Company.
The remaining money will help AFC Energy continue to produce and deliver its S+ Series fuel cell technology.
A request will be filed to the London Stock Exchange for the 10,000,000 new Ordinary Shares to be admitted to trading, which is anticipated to begin at 8 a.m. on April 5, 2023. The new Ordinary Shares will rank pari passu with the company’s current ordinary share capital.
Following Admission, the Corporation will have a total of 745,351,171 Ordinary Shares in its issued share capital, none of which are held in treasury. As a result, after Admission, there will be 745,351,171 total voting rights in the Corporation. Shareholders may use this number as the denominator in their calculations to determine if they must disclose their ownership of, or a change to their ownership in, the company in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Regulations.
