Ebusco convenes Extraordinary General Meeting

Deurne, 10 September 2024 – Ebusco (Euronext: EBUS) today announces its intention to raise up to EUR 36 million of new equity through a rights issue as part of its turnaround plan, as mentioned in the H1 2024 results.

Ebusco today convenes an extraordinary general meeting of shareholders (EGM), to be held on Thursday 24 October to seek approval of the rights issue and a corresponding share consolidation, as well as the appointment of Christian Schreyer as a member of the Management Board. The EGM convocation and related documents are available via the website.

Equity capital raise

Ebusco intends to raise up to EUR 36 million through a rights offering. Existing shareholders will have the opportunity to buy additional ordinary shares, through exercising their rights, and maintain their ownership percentage in the company. The rights will be tradeable, so shareholders that do not wish to buy new shares will be able to sell their rights on the stock exchange.

Ebusco’s initiative to raise new equity is required to deliver its turnaround plan to improve the overall performance and delivery reliability of the company and return to a profitable growth path.

The rights issue is expected to take place in Q4 2024. Further details of the rights issue, including the exact timeline and specific terms and conditions, will be provided in a prospectus currently being prepared by Ebusco.

At the EGM, Ebusco will request authorisation from its shareholders to issue new shares raising gross proceeds to the company of up to EUR 36 million.

Share consolidation

Ebusco will propose to consolidate 5 shares to 1. This means that 5 (five) ordinary shares will be consolidated into 1 (one) ordinary share.

The purpose of the proposed share consolidation is to increase the market value per ordinary share and to facilitate the rights issue. With the current share price, any change of only a few cents in the share price immediately translates to a significant percentage value change. Following the share consolidation, the resulting share price will be five times the previous share price and trading liquidity may improve as a result.

CEO appointment

At the EGM, Ebusco will further request approval of the appointment of Mr Christian Schreyer as member of the Management Board with the title Chief Executive Officer, as detailed in Ebusco’s press release on 30 August 2024. Due to this EGM, Ebusco will schedule the Q3 2024 update to take place on Thursday 24 October.

This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 7:30 am on September 10th, 2024.