Creotech Instruments has completed its public offering raising PLN 39.65m gross in the process, which will go towards completing key satellite and quantum computing R&D projects. With the proceeds, Creotech also plans to expand its production and sales capacities. The issue of new shares covered a total of 396,558 series I shares, with the issue price set at PLN 100 per share. With investor demand exceeding the supply of stocks available under the issue, retail investors’ subscriptions saw a 40% reduction. In July 2022, Creotech Instruments plans to transfer its listing from the NewConnect to the Warsaw Stock Exchange’s Main Market.
“As we know, the situation in the capital markets has been challenging for some time. Since the Russian invasion of Ukraine, our offering has been the first successful one in the domestic market, which is a major source of pride for us. Creotech has solid foundations and excellent development prospects. I am glad investors recognized this as it positioned us to raise the assumed PLN 39.65m gross, with a 40% subscription reduction. We are extremely grateful to all our investors for their trust,” says Grzegorz Brona, President of the Management Board at Creotech Instruments S.A. “In line with the Prospectus, the capital raised will take the company to the next level, both in terms of projects and business-wise. We will allocate the proceeds to complete key satellite and quantum computing R&D projects. The successful completion of the Offering also enables us to smoothly transition to the Warsaw Stock Exchange’s regulated market, with the debut scheduled for July. It is worth noting that Creotech will be the first space tech company on the WSE’s main trading floor, another fantastic motivator to continue on the path of rapid expansion,” he adds.
Creotech Instruments’ public offering covered 396,558 series I shares, of which 20,710 shares were acquired by investors as part of the Retail Investors Tranche and 375,848 shares as part of the Institutional Investors Tranche. The global coordinator of the Offering was Dom Maklerski Navigator S.A., with Noble Securities S.A. acting as co-coordinator and law firm WBW Weremczuk, Bobeł & Wspólnicy serving as legal advisors and CC Group Sp. z o.o. as advisor to the Management Board.
For many years now, Creotech Instruments has been pursuing numerous interesting and advanced technological projects for various research institutions worldwide, with the European Space Agency among them.
Creotch Instruments considers the space market to be its key segment. In April 2022, the company completed the first phase of PIAST, a project which seeks to place observation satellites in Earth orbit in 2024. This undertaking aims to create in Poland the instruments of the national system of Earth observation satellites for the Polish Armed Forces, marking the first commercial application of the company’s proprietary HyperSat satellite platform. Together with its business partners, the Piaseczno-based space tech is also working on EagleEye, a project involving the development of an Earth observation microsatellite. The satellite is scheduled for launch to low Earth orbit in late 2023/early 2024.
Recently, Creotech Instruments has also partnered with Malaysia’s University College TATI to develop satellite and drone products tailored to the needs of Southeast Asia region. The underlying agreement provides for constructing a satellite with an optical instrument for Earth observation based on Creotech Instruments’ HyperSat microsatellite platform and developing special software leveraging satellite and drone data for Malaysia.
Another important segment for the company is also the production and design of advanced electronics for quantum process control. Currently, Creotech is starting its largest project in the field of quantum technologies. In May 2022, the European Commission selected an international consortium led by the University of Innsbruck, whose ranks also include Creotech Instruments, to build the first large quantum computer for the EU. The aim of the project is to build a 100-qubit quantum computer by 2025 and achieve technological readiness to deliver a 1000-qubit solution by 2029.