Zortrax again extends the bond repayment deadline

Zortrax – one of two Polish companies listed on the NewConnect stock exchange, has once again postponed the repayment date of series H bonds worth PLN 3.34 million. The original repayment date was to take place on June 6, 2023, but it was postponed to the end of last year, i.e. to December 31, 2023. On that day, however, the company adopted a resolution that the bond repayment period would be extended again, this time by another year.

The resolution was adopted after signing agreements with all bondholders holding a total of 3,340 bonds regarding changes to the terms of the “WEO” bond issue. In accordance with the amended WEO, the bond redemption date of December 31, 2023 has been postponed to December 31, 2024.

Earlier, in exchange for postponing the repayment date, Zortrax decided to increase the interest rate on the bonds to 14% per annum, which was an increase compared to the originally set level of 10%. This time, no information about the change in interest rates was provided. The first bond issue took place in December 2021 and its purpose was to refinance older debt.

On November 17 last year, Zortrax announced the conclusion of an investment agreement with Artur Błasik – a stock exchange investor. Under the agreement, the company agreed to issue 20 million new shares, of which 10 million were to go to Błasik. Additionally, the businessman is to lend Zortrax PLN 4 million, which will be entirely allocated to increasing working capital. This amount is intended to help Zortrax regain financial liquidity necessary to increase the production of 3D printers and consumables to meet market demand. The conclusion of the investment agreement is the result of the review of strategic options that began in June last year.

Shortly afterwards, Marcin Olchanowski, co-founder of the company, sold most of his shares. Currently, Zortrax’s shareholders include:

• Artur Błasik: 20.36% of shares
• Nebbula-Theron Sp. z o. o. sp.j.: 18.76% of shares
• Mariusz Babula: 10.71% of shares
• other shareholders: 50.17% of shares.

Source: www.newconnect.pl