BREAKING NEWS – 19.12.2023

In a press release of December 15, 2023, FAE Technology SpA – Benefit Company, an innovative SME operating in the design, prototyping, engineering and production of solutions for the integrated electronics sector, listed on the Euronext Growth Milan (EGM) market, announced that the Board of Directors has approved a capital increase, in divisible form with the exclusion of pre-emptive rights, for a maximum amount of € 2.13 million. The operation provides for a maximum of 1,062,500 new ordinary shares, offered at a subscription price of € 2.00 (of which € 1.97 share premium and € 0.03 capital share). Specifically, the new shares are exclusively intended to Gian Franco Argnani, founding partner, Chairman and CEO of Elettronica GF Srl. If the capital increase is fully subscribed, Argnani will become a significant shareholder of the Company and a medium-to-long-term strategic industrial partner, with a 6.09% stake in the Company’s share capital as well as voting rights. Following the operation, the Company’s share capital will stand at € 0.56 million and consist of 17,435,875 ordinary shares. The subscription price of the new shares was determined by applying a discount of 5.0% to the weighted average price of the Company’s shares over the past six months (amounting to € 2.11), a discount of 4.0% to the weighted average share price (amounting to € 2.09) and a premium of 2.6% to the arithmetic average of the past three months (amounting to € 1.95). Taking the press release into consideration, we confirm our estimates: target price of € 4.60, BUY rating and MEDIUM risk.

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