TIDMB90

RNS Number : 3773A

B90 Holdings PLC

23 September 2022

23 September 2022

B90 Holdings plc

("B90", the "Company" or "Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2022

B90 Holdings plc (AIM: B90), the online marketing and operating company for the gaming industry, is pleased to announce its unaudited interim results for the six months ended 30 June 2022, which are also available on its website at www.b90holdings.com.

Commenting on the results, Karim Peer, Executive Chairman, said :

" The Group has successfully integrated the acquisitions made last year and its strategic focus now revolves around increasing revenues. We are excited about expansion into new territories and markets, specifically in Latin America, supported by the development of affiliate programmes through both further acquisitions and partnerships. "

Financial and operational highlights

   --    150% increase in revenues up to EUR1 million (H1 2021: EUR0.4 million) 
   --    Raised a further EUR0.85 million through a subscription of new ordinary shares 

-- Improvement in net loss of EUR1.3 million (H1 2021: EUR1.4 million) notwithstanding further substantial investment in marketing and operations

   --    Appointment of Karim Peer as Executive Chairman 

-- Launch of Spinbookie brand, which operates in different yet complementary markets to B90's existing operations, most notably South America

   --    Completed the integration of Oddsen.nu, a Norwegian sports-bet affiliate site 
   --    Fully acquired Tippen4You, an established forum platform focused on the German market 
   --    Post period end, continued improvement in trading during July and August 2022 

Commenting on current trading and outlook, Karim Peer, Executive Chairman, added :

"Since June 2022, the business has continued to focus on marketing activities, using its key affiliate partnerships, customer acquisition and retention programmes. The Group is building upon its marketing activities towards the 2022 World Cup in Qatar, starting in November 2022, and seeks to capitalise on the event. Revenues in both July and August 2022 were in line with monthly revenues received in the second quarter of 2022."

-ends-

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

For further information please contact:

B90 Holdings plc +44 (0)1624 605 764

Karim Peer, Executive Chairman

Marcel Noordeloos, Chief Financial Officer

Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494

James Harris / Richard Johnson / Rob Patrick

Arden Partners plc (Broker) +44 020 7614 5900

Ruari McGirr

Belvedere (Financial PR & IR) +44 (0)20 3008 6867

John West / Llewellyn Angus

About B90 Holdings plc

B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

Website: www.b90holdings.com

CHAIRMAN'S STATEMENT

Introduction

I am pleased to present the unaudited interim results for the six months ended 30 June 2022, which consolidate the results of B90 Holdings plc ("B90" or the "Company") and its subsidiaries (the "Group"). B90 Holdings plc is the parent company of a group of companies focused on generating marketing leads and entering marketing contracts for the activities of various partners in the gaming industry. It also operates its own brands, Bet90 and Spinbookie. The Group focuses on complementary activities under one umbrella, leveraging its historical cash generative activities of affiliate marketing, online casinos and sports betting.

We have now identified four distinct strategic pillars to help us on our journey towards profitability:

   --    delivery of a truly scalable platform for online and e-gaming entertainment; 
   --    a focus on organic growth of existing businesses and new acquisitions; 
   --    a holistic approach to all players by offering the widest game play options; and 
   --    the deployment of artificial intelligence and analytics across our operations. 

The Group has successfully integrated the acquisitions made during the financial year ended 31 December 2021 and its strategic focus now revolves around increasing revenues. We are excited about expansion into new territories and markets, specifically in Latin America, Canada, and Europe, supported by the development of affiliate programmes through both further acquisitions and partnerships.

Business and Strategy Overview

It has been an eventful time for the Company laying the foundations for operational and financial growth. With unique products and strong brands in global iGaming (sportsbook and casino) markets, we continue to build strong customer relationships, increasing our revenues by over 150% compared to the prior comparable period and substantially increasing our customer numbers across our target markets of Scandinavia and South America.

We are determined to make more use of the opportunities afforded by our listing on the AIM market, particularly as we are one of the few listed online bookmakers and gaming companies on that market at present. In this regard, we completed the integration of Oddsen.nu, a Norwegian sports-bet affiliate site in May 2022. The Company elected to issue new shares to satisfy the final deferred consideration due under the terms of the original acquisition.

Oddsen.nu has been operating for over 20 years in its home market of Norway. It connects publishers with affiliate programs that allow them to promote sports book gambling-related offers and its operations include producing media content covering a wide range of sports news, sport events, analysis and forecasts, which it then publishes on its website Oddsen.nu. Oddsen.nu also offers a major forum, where end users can discuss sports betting related events 24-7 and has generated winning odds tips for its visitors for a number of years, free of charge. To date, the business has performed to our expectations and has expanded our geographic reach into important markets.

Alongside this, during the reporting period we also launched our Spinbookie brand, which operates in different yet complementary markets to B90's existing operations, most notably South America. We acquired Spinbookie in December 2021, utilising a combination of both the issue of new equity and cash from an equity subscription. Spinbookie is a newly established, fully operational website operating on BetConstruct, an industry leading gaming software developer platform. Spinbookie has fully functional and compliant payment options implemented and operates under a Curacao gambling licence.

Spinbookie's existing full casino and sportsbook product covers most major global sporting events, including a large range of live betting markets. The casino offering includes suites from Microgaming, Evolution, and other key casino suite providers. Marketing agreements are now in place and driving traffic to Spinbookie and we are pleased with the growth in customer numbers and average spend that it is starting to produce.

In addition, in May 2022 we announced the acquisition of the remaining 49% stake in Tippen4you, which is now fully owned by the Group. That website is an established forum platform focused on the German market. It earns revenues by entering into affiliate agreements with operators who are active in the German market. Although Tippen4you is currently a relatively small business, it has substantial potential and it carries great strategic importance for us. We anticipate upgrading and refreshing the Tippen4you brand during the second half of 2022 allowing us to position the business for expansion in 2023. The acquisition reinvigorates the affiliate side of our business and gives us a strong foothold in Germany, one of the largest and most developed online betting markets in Europe, where our operating brands currently do not currently have a presence.

Financial Review

Revenues for the first six months of 2022 amounted to EUR1,009,870 which when compared to the same period in 2021 shows an increase of 150% (HY1 2021: EUR404,686). This growth was driven by the launch of Spinbookie.com and the acquisition of the Oddsen operations.

The net loss for the period was EUR1,275,857 compared to a loss of EUR1,438,679 for the first six months of 2021. The loss for the first six months of 2022 was highly impacted by an increased amortisation charge due to the acquisitions completed in the second half of 2021 (EUR170,000 higher), as well as a higher share based payment expense, which is caused by the grant of new options in the fourth quarter of 2021(EUR145,000 higher).

In addition, as the Company has substantially increased its operations we have continued to invest in marketing activities, which increased to EUR266,000 in the first six months of 2022, compared to EUR143,000 in the same period in 2021. These marketing efforts have increased revenue and the Directors believe this will also have a positive effect on future revenues.

In May 2022, we announced that we had raised EUR861,021 (before expenses) through a subscription for 12,713,043 new ordinary shares at a price of 5.75p per share. The net funds raised are being used to strengthen the Company's working capital position and to invest in marketing activities. Cash as at 30 June 2022 was EUR656,000.

Current Trading and Outlook

Since June 2022, the business has continued to focus on marketing activities, using its key affiliate partnerships, customer acquisition and retention programmes. The Group is building upon its marketing activities towards the 2022 World Cup in Qatar, starting in November 2022, and seeks to capitalise on the event. Revenues in both July and August 2022 were in line with monthly revenues received in the second quarter of 2022.

Summary

We continue to improve our balance sheet, placing the Company on a more stable financial footing and allowing us to invest in additional marketing activities and other initiatives to drive revenue. By enhancing our well established direct-to-customer routes, we will continue to introduce and augment our brands in new and different markets, facilitating more growth and accelerating customer acquisition. We are already making significant operational and financial progress and customer numbers are increasing across our territories, particularly in South America, with good customer acquisition numbers; furthermore, retention rates and average spend have been increasing when compared to last year. Alongside this we are actively seeking out further complementary acquisitions to accelerate our growth, utilising our market listing to pay for them, as well as incentivising management teams.

These factors combined leave us increasingly optimistic about the future of the Group and we look forward with renewed optimism and confidence.

Karim Peer

Executive Chairman

23 September 2022

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                          UNAUDITED           UNAUDITED            AUDITED 
                                            6 month             6 month               Year 
                                       period ended        period ended              ended 
                                                                               31 December 
                                       30 June 2022        30 June 2021               2021 
                                                EUR                 EUR                EUR 
 
 Revenue                                  1,009,870             404,686            826,855 
 
 Salary expense                           (919,346)           (582,336)        (1,306,033) 
 Marketing and selling expense            (266,396)           (142,615)          (430,095) 
 General administrative 
  expense                                 (902,169)         (1,030,839)        (2,256,222) 
 Depreciation and amortisation 
  expense                                 (197,816)            (29,138)          (109,325) 
                                     --------------   -----------------      ------------- 
 Total administrative expenses          (2,285,727)         (1,784,928)        (4,101,675) 
                                     --------------   -----------------      ------------- 
 Operating loss                         (1,275,857)         (1,380,242)        (3,274,820) 
 
 Finance expense                                  -            (58,437)          (136,931) 
 Loss before tax                        (1,275,857)         (1,438,679)        (3,411,751) 
 Taxation                                         -                   -                  - 
 Loss for the period                    (1,275,857)         (1,438,679)        (3,411,751) 
                                     --------------   -----------------      ------------- 
 
 Equity holders of the Company          (1,275,857)         (1,428,388)        (3,351,507) 
 Non-controlling interests                        -            (10,291)           (60,244) 
                                        (1,275,857)         (1,438,679)        (3,411,751) 
                                     --------------   -----------------      ------------- 
 
 Loss per share attributable to equity 
  holders of the Company 
 - Basic (in EUR)                          (0.0052)            (0.0104)           (0.0192) 
 - Diluted (in EUR)                        (0.0052)            (0.0104)           (0.0192) 
 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                                UNAUDITED       UNAUDITED          RESTATED 
 
                                                  30 June         30 June       31 December 
                                                     2022            2021              2021 
                                     Note 
                                                      EUR             EUR               EUR 
 
 Non-current assets 
 Goodwill                                       3,324,531       1,410,931         3,324,531 
 Other intangible assets                        4,595,252         139,958         4,793,069 
 Total non-current assets                       7,919,783       1,550,889         8,117,600 
                                            -------------  --------------  ---------------- 
 
 Current assets 
 Other receivables & prepayments                  120,875         216,428           159,999 
 Cash and cash equivalents                        655,556       1,019,704           827,302 
 Total current assets                             776,431       1,236,132           987,301 
                                            -------------  --------------  ---------------- 
 Total assets                                   8,696,214       2,787,021         9,104,901 
                                            -------------  --------------  ---------------- 
 
 Equity and liabilities 
 Share capital                                          -               -                 - 
 Additional paid-in capital                    29,660,600      22,073,925        27,734,003 
 Other Reserves                               (5,086,668)     (6,046,908)       (5,086,668) 
 Retained earnings                           (19,122,497)    (16,286,928)      (17,987,052) 
 Equity attributable to 
  owners of the parent                          5,451,435       (259,911)         4,660,283 
                                            -------------  --------------  ---------------- 
 Non-controlling interests                              -          25,565          (24,388) 
 Total shareholders' equity                     5,451,435       (234,346)         4,635,895 
                                            -------------  --------------  ---------------- 
 
 Non-current liabilities 
 Deferred tax liability                           273,600               -           273,600 
 Total non-current liabilities                    273,600               -           273,600 
                                            -------------  --------------  ---------------- 
 
 Current liabilities 
 Trade and other payables                       2,966,787       2,997,145         4,170,629 
 Corporate income tax payable                       4,392          24,222            24,777 
 Total current liabilities                      2,971,179       3,021,367         4,195,406 
                                            -------------  --------------  ---------------- 
 Total equity and liabilities                   8,696,214       2,787,021         9,104,901 
                                            -------------  --------------  ---------------- 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                                 Equity          Other 
                               Additional       portion       reserves 
                     Share           Paid   convertible     (Restated)        Retained                  Non-controlling          Total 
                   Capital     in capital     loan note              *        Earnings          Total          interest         Equity 
                       EUR            EUR           EUR            EUR             EUR            EUR               EUR            EUR 
 Balance as at 
  1 January 
  2021                     -    15,466,741       429,770    (6,046,908)    (14,907,070)    (5,057,467)            35,856    (5,021,611) 
                  ----------  ------------  ------------  -------------  --------------  -------------  ----------------  ------------- 
 
 Loss for the 
  financial 
  period                   -             -             -              -     (1,428,388)    (1,428,388)          (10,291)    (1,438,679) 
 Convertible 
  loan note 
  conversion               -     4,633,714     (429,770)              -               -      4,203,944                 -      4,203,944 
 Conversion of 
  payables                 -       697,100             -              -               -        697,100                 -        697,100 
 Share based 
  payments                 -             -             -              -          48,530         48,530                 -         48,530 
 Issue of share 
  capital                  -     1,276,370             -              -               -      1,276,370                 -      1,276,370 
 Balance as at 
  30 June 
  2021                     -    22,073,925             -    (6,046,908)    (16,286,928)      (259,911)            25,565      (234,346) 
                  ----------  ------------  ------------  -------------  --------------  -------------  ----------------  ------------- 
 
 
 Balance as at 
  1 January 
  2021                     -    15,466,741       429,770    (6,046,908)    (14,907,070)    (5,057,467)            35,856    (5,021,611) 
                  ----------  ------------  ------------  -------------  --------------  -------------  ----------------  ------------- 
 
 Loss for the 
  financial 
  period                   -                           -              -     (3,351,507)    (3,351,507)          (60,244)    (3,411,751) 
 Convertible 
  loan note 
  conversion               -     4,569,685     (429,770)              -         126,499      4,266,414                 -      4,266,414 
 Conversion of 
  payables                 -       772,100             -              -               -        772,100                 -        772,100 
 Share based 
  acquisition 
  (Restated*)              -     3,779,059             -        960,240               -      4,739,299                 -      4,739,299 
 Share based 
  payments                 -             -             -              -         145,026        145,026                 -        145,026 
 Issue of share 
  capital                  -     3,385,871             -              -               -      3,385,871                 -      3,385,871 
 Cost of raise 
  of capital               -     (239,453)             -              -               -      (239,453)                 -      (239,453) 
 Balance as at 
  31 December 
  2021 
  (Restated*)              -    27,734,003             -    (5,086,668)    (17,987,052)      4,660,283          (24,388)      4,635,895 
                  ----------  ------------  ------------  -------------  --------------  -------------  ----------------  ------------- 
 
 Loss for the 
  financial 
  period                   -             -             -              -     (1,275,857)    (1,275,857)                 -    (1,275,857) 
 Share based 
  payments                 -             -             -              -         192,400        192,400                 -        192,400 
 Share based 
  acquisitions             -     1,077,600             -              -        (51,988)      1,025,612            24,388      1,050,000 
 Issue of share 
  capital                  -       861,021             -              -               -        861,021                 -        861,021 
 Cost of raise 
  of capital               -      (12,024)             -              -               -       (12,024)                 -       (12,024) 
 Balance as at 
  30 June 
  2022                     -    29,660,600             -    (5,086,668)    (19,122,497)      5,451,435                 -      5,451,435 
                  ----------  ------------  ------------  -------------  --------------  -------------  ----------------  ------------- 
 * the other reserves include (1) Reserves relating to reverse asset acquisition from prior periods & (2) 
  Contingent earn-out shares issuable in relation to the Spinbookie acquisition. The balances as per 31 December 
  2021 has been reclassified for these interim results (See note 4 for further details) . 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                            UNAUDITED      UNAUDITED        AUDITED 
                                              30 June        30 June    31 December 
                                                 2022           2021           2021 
                                                  EUR            EUR            EUR 
                                                            Restated 
 Cash flows from operating activities 
 Operating loss                           (1,275,857)    (1,380,242)    (3,274,820) 
 Adjustments for: 
 Share based payments                         192,400         48,307        145,026 
 Amortisation of intangibles                  197,816         29,138        109,325 
 Cash flow from operations before 
  working capital changes                   (885,641)    (1,302,797)    (3,020,469) 
 
 Decrease/(increase) in trade and 
  other receivables                            39,124        111,068      (132,502) 
                                                         (1,232,462) 
 Decrease in trade and other payables       (174,226)              *      (733,670) 
                                        -------------  -------------  ------------- 
 Cash flow from operations                (1,020,743)    (2,424,191)    (3,886,641) 
 
 Tax (paid)/received                                -              -              - 
 Cash flow from operating activities      (1,020,743)    (2,424,191)    (3,886,641) 
                                        -------------  -------------  ------------- 
 
 Cash flow from investing activities 
 Acquisition of intangible assets                   -              -      (600,000) 
 Net cash outflow from investing 
  activities                                        -              -      (600,000) 
                                        -------------  -------------  ------------- 
 
 Cash flow from financing activities 
 
 Proceeds of issue of new shares              848,997      1,276,370      3,146,418 
 Receipts from loans                                -      1,847,000      1,847,000 
 Net cash inflow from financing 
  activities                                  848,997      3,123,370      4,993,418 
                                        -------------  -------------  ------------- 
 
 Net (Decrease)/increase in cash 
  and cash equivalents                      (171,746)        699,179        506,777 
 Cash and cash equivalents at start 
  of period                                   827,302        320,525        320,525 
                                        -------------  -------------  ------------- 
 Cash and cash equivalents at end 
  of period                                   655,556      1,019,704        827,302 
                                        -------------  -------------  ------------- 
 

* the interest amount reported last year has been reclassified to decrease other payables as the interest was converted into equity with the principle amounts of the convertible loan note.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2022

   1.         Basis of preparation 

The condensed interim consolidated financial statements incorporate the results of B90 Holdings plc (the "Company") and entities controlled by the Company (its subsidiaries) (collectively the "Group").

The condensed interim consolidated financial statements are unaudited, do not constitute statutory accounts and were approved by the Board of Directors on 22 September 2022. The auditor's report on the year ended 31 December 2021 financial statements was unqualified, though it made reference to a material uncertainty in relation to going concern. The year ended 31 December 2021 Annual Report and financial statements is available on the Company's website (www.b90holdings.com).

The preparation of unaudited condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing the unaudited condensed interim consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021.

The unaudited condensed interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. These policies are consistent with those to be adopted in the Group's consolidated financial statements for the year ended 31 December 2022. The accounting policies, including those related to significant judgements and key sources of estimation uncertainty, applied in this interim report are the same as those applied by the Group in the consolidated financial statements for the year ended 31 December 2021. The group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim financial information.

The principal risks and uncertainties of the Group have not changed since the last annual financial statements for the year ended 31 December 2021, where a detailed explanation of such risks and uncertainties can be found.

Going concern

The Group reported a net loss of EUR1.3 million for the six months ended 30 June 2022. Furthermore, the Group had a negative cash flow from operations of EUR1.0 million for the six months ended 30 June 2022.

Whilst trading during the first six months of 2022 has been in line with the Board's expectations and show a significant increase in revenues, the Group continues to operate at a loss, although management expects the Group to become cash flow positive in 2023, executing on its strategic plan to grow the Group's operations and revenues in the various verticals in a targeted manner, entering into strategic partnerships and investing in further marketing to expand the customer base and geographical reach.

Furthermore, as a result of the recent fundraise, completed in September 2022, the Group has improved its financial position.

Should trading not be in line with management's expectations going forward, the Group's ability to pay its trade payables may be impacted, in which case the Group will need to raise further funding. In the circumstance that this is needed and whilst the directors are confident of being able to raise such funding if required, there is no certainty that such funding will be available and/or the terms of such funding. These conditions are necessarily considered to represent a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern.

Whilst acknowledging this material uncertainty, the Directors remain confident that they will be able to continue to expand the Group's operations and generate a positive operational cash flow within a reasonable time or, if needed, be able to raise additional funding when required, and therefore the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern.

   2.    Earnings per share 

The calculation of earnings per share is based on the following earnings and number of shares.

 
                                            6 months        6 months      Year ended 
                                               ended           ended     31 December 
                                             30 June    30 June 2021            2021 
                                                2022 
                                                 EUR             EUR             EUR 
 Earnings 
 Loss for the purpose of basic 
  and diluted earnings per shares 
  being net profit attributable 
  to equity shareholders                 (1,275,857)     (1,428,388)     (3,351,507) 
 
 Number of shares 
 Weighted average number of 
  ordinary shares for the purposes 
  of basic earnings per share            245,051,972     137,371,926     174,331,667 
 Weighted average number of                        -               -               - 
  dilutive share options 
                                      --------------  --------------  -------------- 
 
   Weighted average number of 
   ordinary shares for the purposes 
   of diluted earnings per share         245,051,972     137,371,926     174,331,667 
                                      --------------  --------------  -------------- 
 
 
 Basic loss per share (EUR)                 (0.0052)        (0.0104)        (0.0192) 
 Diluted loss per share (EUR)               (0.0052)        (0.0104)        (0.0192) 
 
 
   3.         Significant events during the reporting period 

On 13 May 2022, the Company announced that it had satisfied the deferred consideration for the Oddsen acquisition (as announced on 30 September 2021), amounting to EUR1,050,000, by issuing 13,452,632 new ordinary shares at a price of 6.65p per share.

On 16 May 2022, the Company announced that it had raised EUR 861,021 (before expenses) (approximately GBP731,000) through a subscription of 12,713,043 new Ordinary Shares at a price of 5.75p per ordinary share.

On 16 May 2022, the Company announced the appointment of Karim Peer as the new Executive Chairman.

On 21 June 2022, the Company announced that it had acquired the 49% minority interest in T4U Marketing Ltd for consideration of 500,000 new Ordinary Shares (with a value of GBP23,750).

On 22 June 2022, the Company announced that it had granted options over 2,000,000 new ordinary shares to its Executive Chairman, Karim Peer. The options have an exercise price of 5p and have a 5 year term.

   4.         Reclassification of Spinbookie contingent consideration 

An adjustment of EUR960,240 was made to the 31 December 2021 Statement of Financial position to reclassify the contingent consideration payable in relation to the Spinbookie acquisition from Trade and other payables to Other reserves within Equity. This has occurred following a reconsideration of the relevant clauses within the sale and purchase agreement and Management conclude that the fact pattern with the agreement represents equity in nature rather than liability. This has resulted in the following impact:

 
                                     Balance as originally             Reclassification    Balance as restated at 31 
                                stated at 31 December 2021                   adjustment                December 2021 
                                                       EUR                          EUR                          EUR 
 Impact on statement of 
 financial position 
 Trade and Other payables                      (5,130,869)                      960,240                  (4,170,629) 
 Other Reserves                                  6,046,908                    (960,240)                    5,086,668 
 
   5.         Subsequent events 

On 9 September 2022 the Company announced it had raised EUR355,000 (or GBP305,000) through a subscription for 7,625,000 new ordinary shares in the capital of the Company. Furthermore, the company converted EUR39,400 (or GBP33,902) of payables into 847,558 new ordinary shares of the Company. On the same date, the Company granted, in aggregated, 3,588,500 warrants over ordinary shares to the subscribers. These warrants have a 3 year term and an exercise price of 4.18p.

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