Enedo Plc and Inission Ab increase bridging loan amount
Enedo Plc Stock Exchange Release December 8, 2021 at 7:00 PM EET
Enedo Plc and Inission Ab increases the amount of the bridging loan to 2 million euros
In the Enedo Plc stock market publication on November 26, 2021, Enedo Plc indicated that it had signed a short-term bridging loan agreement with Inission Ab for a minimum amount of â¬ 1 million, as it was under constraint to cash and needed help. to strengthen liquidity and financial position, and finalize its recovery program. Enedo Plc also indicated that the amount of the bridging loan can be increased up to 2 million euros by separate agreement of the parties and that the bridging loan becomes due from the first drawdown under the loan agreement to longer term under negotiation, but no later than December 31, 2021.
Additionally, in the Enedo Plc stock exchange release dated December 2, 2021, Enedo Plc provided an update on its difficult financial situation and said it received a positive conditional credit decision on a $ 5million loan deal. euros from a financial institution. Enedo Plc also indicated that the execution of the loan agreement is conditional, among other things, on the provision by Inission Ab of a guarantee for the total amount of the loan and on the Extraordinary General Meeting of Enedo Plc authorizing the board of directors to decide on an issue of shares directed to Inission Ab, which can only take place if Inission Ab becomes responsible for the loan on the basis of the guarantee. The Extraordinary General Meeting was called to be held on December 23, 2021.
Enedo Plc and Inission Ab agreed today to increase the amount of the bridge loan to â¬ 2 million, which is the maximum loan amount under the bridge loan agreement.
President and CEO
For more information, please contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864.
Nasdaq Helsinki Ltd
Enedo is a European designer and producer of high quality power supplies and electronic systems for critical equipment, even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, safer, more energy efficient – and just to meet its purpose. The three main product categories of Enedo are LED drivers, power supplies and power systems. In 2020, the group’s turnover amounted to 38.5 million euros. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and the United States. The group’s head office is in Finland and the parent company Enedo Oyj is listed on the Nasdaq Helsinki Oy.