On 25 April 2022, Creotech Instruments S.A. published its Prospectus in connection with a Public Offering, covering a new issue of shares and the disposal of some shares by existing shareholders. The new issue involves no less than 99,140 and not more than 396,558 series I shares with a nominal value of PLN 0.10 per share. The expected proceeds from the Public Offering of New Shares, i.e. PLN 55.7m million, will be allocated to completing key R&D projects and increasing the company’s production and sales capacities. According to the schedule, subscriptions in the Retail Investors Tranche will open between 9 and 17 May 2022. Subscriptions in the Institutional Investors Tranche will run from 19 to 23 May 2022. The lead manger of the Offering is Dom Maklerski Navigator S.A., with Noble Securities S.A. acting as co-manager. Creotech Instruments, boasting extensive expertise in space technologies, quantum computing and advanced electronics, is poised to make its debuts on the WSE’s main market in the coming weeks.
The Polish Financial Supervision Authority approved the Prospectus on 25 April 2022. The Public Offering will cover no less than 99,140 and no more than 396,558 series I shares with a nominal value of PLN 0.10 per share. Additionally, the Public Offering may see up to 100,000 Existing Shares sold by the Company’s Key Shareholders. Before the start of subscriptions for Retail Investors, the company will publish a supplement to the Prospectus specifying the Maximum Price or Price Range. The Bookbuilding process for Institutional Investors will be launched on 13 May 2022. Subscriptions for Creotech shares under the Retail Investors Tranche will be open between 9 and 17 May 2022. Subscriptions for Institutional Investors will start on 19 May and will last until 23 May 2022.
“2021 was a very busy year for Creotech Instruments. We made our debut on the NewConnect market, having completed a successful IPO that allowed us to upscale our business substantially. We are currently getting ready for the next milestone, i.e. the transfer of our company’s shares to the WSE’s main market. Thus, the approval of our Prospectus is welcome news for us,” says Grzegorz Brona, President of the Management Board of Creotech Instruments S.A. “We plan to make our debut on the regulated market in the coming weeks. We have currently launched a public offering of new shares that we hope will raise PLN 59.5m in funding,” adds Grzegorz Brona.
All details of the Offering are available at the company’s website: https://creotech.pl/pl/, in the “Public Offering’ tab or directly at: https://creotech.pl/ipo/. The global manager of the Offering is Dom Maklerski Navigator S.A., with Noble Securities S.A. acting as co-manager and law firm WBW Weremczuk, Bobeł & Wspólnicy serving as legal advisors. Advising the management board of Creotech Instruments is CC Group Sp. z o.o.
Creotech Instruments S.A. is a Polish company specializing in the space sector and quantum computing.
“The issue proceeds will allow us to pursue space heritage, i.e. confirm the operation of our products in space, paving the way to starting production of satellites worth USD 1-4m each. We will also expand our production capacity from 10 to at least 20 satellites per year, which will also benefit the quantum computing and UAV segments. The implementation of these goals should boost the long-term competitiveness of our company and allow us to gain a significant position in the global space market, with a focus on Central Europe,” says Grzegorz Brona.
The company is working on the strategic EagleEye project. Weighing 50 kg, EagleEye is Poland’s first observation microsatellite based on Creotech’s proprietary HyperSat platform. The project is carried out under a program financed by the National Center for Research and Development. The satellite is slated for launch to low Earth orbit in 2023-2024. In April 2022, the company completed the System Requirements Review of the PIAST project (Polish ImAging SaTellites). Thus, the company has completed the first phase of this strategic project seeking to place three observation satellites in Earth orbit in 2024. PIAST aims to deliver the first Poland-made instruments of the National Earth Observation Satellite System for the Polish Armed Forces.
Creotech is able to reach its growth milestones consistently, thus positioning the company to regularly expand its revenue and generate high margins allocating virtually all generated funds to R&D efforts. According to the report for Q4 2021, last year, the company generated about PLN 40m in total revenues and over PLN 3m in EBITDA.
“We’re hoping that the equity raised from the issue will allow us to significantly increase the scale of our operations in the first two years. The sale of even a few satellites will enable us to increase the EBITDA margin by another several million Polish zlotys,” adds Maciej Kielek, CFO and Vice President of the Management Board of Creotech Instruments.
|25 April 2022||Publication of Prospectus (launch of Public Offering)|
|9 May – 17 May 2022; subscriptions close on midnight 17 May||Subscriptions and payments as part of the Retail Investors Tranche|
|12 May 2022 4 PM||Deadline for provision to DM Navigator or Noble Securities of documents confirming the satisfaction of conditions to acquire Preemptive Right by Eligible Persons|
|13 May 2022||Start of Bookbuilding process among Institutional Investors|
|18 May 2022 4 PM||Close of Bookbuilding process among Institutional Investors|
|18 May 2022||Determination and publication of: (i) final number of Offered Shares; (ii) final number of Offered Shares allotted to investors in each tranche; and (iii) Issue Price of Offered Shares|
|19 May – until midnight 23 May 2022||Subscriptions and payments for Offered Shares in Institutional Investors Tranche|
|until midnight 24 May 2022||Subscriptions and payments from Substitute Investors, if applicable.|
|27 May 2022||Allotment of Offered Shares:|
|around 10 June 2022||Registration of Series I Shares allotment certificates on the securities accounts of Retail Investors and Institutional Investors|
|around 10 June 2022||Admission of Existing Shares and New Share Allotment Certificates and New Shares* to trading on the WSE|
|around 10 June 2022||The last day of listing of the Existing Shares in the New Connect alternative trading system organized by the WSE (“New Connect”)|
|around 11 June 2022||Assumed first day of trading of Existing Shares and allotment certificates on the regulated market (this date depends on the decision of the WSE and the National Depository for Securities)|