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Zortrax has a new investor

Zortrax announced the conclusion of an investment agreement with Artur Błasik – a stock exchange investor, founder of Telewizja Biznesowa, who holds shares in, among others, in companies such as Plantwear and Imperio. The company will issue 20 million new shares, of which 10 million will go to Błasik. Additionally, the businessman will lend the company 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.

The Management Board of Zortrax will increase the share capital (excluding the subscription rights of existing shareholders) by issuing 20 million series C ordinary bearer shares at an issue price of PLN 0.10 per share. Half of them will go to Artur Błasik. The remaining new shares will be subject to an application for introduction to trading in the alternative trading system on the NewConnect stock exchange, and the appropriate application will be submitted by December 31, 2024. Ultimately, the intention of Zortrax and the new investor is to take actions aimed at applying for admission and introduction of the company’s shares to trading on the regulated market operated by the Warsaw Stock Exchange.

Błasik will provide Zortrax with debt financing of up to PLN 4 million, which will be entirely allocated to increasing the company’s working capital, which will be regulated in a separate agreement. The current management board, consisting of Mariusz Babula (president) and Przemysław Krzemieniecki (vice president), will be joined by two more members from the investor’s side. Its supervisory board will also increase. Formal issues are to be approved during the company’s extraordinary general meeting, which is to be held by January 31, 2024.

Obtaining an investor and the related financing is necessary because Zortrax has been struggling with major financial problems in recent months. As Mariusz Babula reported in a recent interview for the Inwestorzy.tv channel, their source was first the C19 pandemic, and then the war in Ukraine, which broke down previous distribution channels, first making it difficult and then significantly more expensive to purchase parts for the production of 3D printers. Despite the growing demand for equipment and materials offered by the company, it was unable to fulfill all orders on time, which resulted in problems with maintaining financial liquidity. The PLN 4 million that Błasik is to borrow will therefore be allocated to the implementation of all current and outstanding contracts, as well as to allow for their gradual increase.

Source: www.newconnect.pl

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