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Enedo Plc and Inission Ab increase the bridge loan amount to EUR 2 million

Written by Customer Service on . Posted in Public Companies.

Enedo Plc Stock Exchange Release December 8, 2021 at 19:00 EET

Enedo Plc and Inission Ab increase the bridge loan amount to EUR 2 million

In Enedo Plc´s Stock Exchange Release on November 26, 2021, Enedo Plc commented that it has signed a short-term bridge loan agreement with Inission Ab for a minimum amount of EUR 1 million, since it has been under cash constraint and in need for strengthening the liquidity and the financial position, and to finalize its turnaround program. Enedo Plc also commented that the bridge loan amount can be increased up to EUR 2 million upon separate agreement by the parties and that the bridge loan becomes due upon first drawdown under the longer plan loan arrangement under negotiation, however on 31 December 2021 at the latest.

Furthermore, in Enedo Plc´s Stock Exchange Release on December 2, 2021, Enedo Plc gave an update on its difficult financial situation and commented that it has received a positive conditional credit decision on EUR 5 million loan arrangement from a financial institution. Enedo Plc also commented that the execution of the loan arrangement is conditional on, among other things, Inission Ab providing a guarantee for the total outstanding loan amount and Enedo Plc’s Extraordinary General Meeting authorizing the Board of Directors to decide on a directed share issue to Inission Ab, which can only take place if Inission Ab becomes liable for the loan based on the guarantee. The Extraordinary General Meeting has been convened to be held on December 23, 2021.

Enedo Plc and Inission Ab have agreed today to increase the bridge loan amount to EUR 2 million, which is the maximum loan amount under the bridge loan agreement.

ENEDO PLC

Mikael Fryklund                                 
President and CEO

For further information please contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864.

DISTRIBUTION

Nasdaq Helsinki Ltd
Principal media

Enedo

Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo´s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo´s three main product categories are Led Drivers, Power supplies and Power Systems. In 2020 the group´s revenue was EUR 38,5 million. Enedo has 354 employees, and its main functions are located in Finland, Italy, Tunisia and USA. The group´s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.

www.enedopower.com

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