Creotech Instruments resumes Public Offering

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Creotech Instruments resumes its Public Offering related to the planned transfer of its listing from NewConnect to the Warsaw Stock Exchange’s main market. The maximum price for one share was set at PLN 125, meaning that the total value of the Offering may amount up to PLN 49.6m gross. The proceeds raised will be used to grow the company, including to complete key satellite and quantum computing R&D projects, as well as to boost production and sales capacities. According to the revised schedule, subscriptions under the Retail Investors Tranche will start on 6 June and will last until 13 June. The book-building process among Institutional Investors will run from 8 June to 14 June, with the issue price of the offered shares being published on 14 June. Subscriptions in the Institutional Investors Tranche will be open from 15 to 20 June 2022.

“Due to continued investor interest in our issue and stability recently returning to global capital markets, we decided to resume the public issue of series I shares. We want to allocate the proceeds to key R&D projects related to satellite and quantum systems,” says Grzegorz Brona, President of the Management Board of Creotech Instruments S.A. “We hope that the consistent implementation of our growth strategy and transparent business model will position us to upscale our business and drive the issue’s success. Subscriptions under the Retail Investors Tranche will start on 6 June,” adds Grzegorz Brona.

The new share 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. Details of the issue are available at: https://creotech.pl/pl/, in the “IPO” tab or directly at: https://creotech.pl/ipo/. The Offering manager 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 and CC Group Sp. z o.o. advising Creotech Instruments’ management board.

The maximum price has been set at PLN 125, meaning that the value of the Offering may reach up to PLN 49.6m gross.

Current schedule of the Creotech Instruments SA Offer:

DateActivity
25 April 2022Publication of the Prospectus
3 June 2022Publication of the Maximum Price as a Supplement to the Prospectus
6 June – 13 June 2022Subscriptions and payments as part of the Retail Investors Tranche
8 June 2022Start of Bookbuilding process among Institutional Investors
14 June 2022
until 4 p.m.
Close of Bookbuilding process among Institutional Investors
14 June 2022Determination 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
15 June – 20 June 2022 until 11:59 p.m.Subscriptions and payments for Offered Shares in Institutional Investors Tranche
by 24 June 2022Allotment of Offered Shares

The main pillars of Creotech Instruments’ operations are the space tech and quantum computing segments, where the company is pursuing strong growth.

In April 2022, Creotech Instruments completed the PIAST project’s first phase seeking to place Earth observation satellites in orbit around the Earth in 2024. PIAST aims to deliver the instruments of a national Earth observation satellite system for the Polish Armed Forces. This will mark the first commercial implementation of the proprietary HyperSat satellite platform developed by the company. In addition to the PIAST project, a team comprising Creotech engineers and business partners is working on the EagleEye program to develop an Earth observation microsatellite. The satellite is scheduled for launch to low Earth orbit in late 2023/early 2024.

An additional factor that may contribute to the further rapid development of satellite technologies in Poland, and, by extension, of Creotech Instruments, is the National Recovery Plan recently approved by the European Commission. The Plan envisages allocating funds to innovative projects in key new sectors of the economy, including the space sector, the drone sector and areas related to telecommunications, all markets pursued by Creotech Instruments.

The company is also seeking growth in the quantum computing segment and is Europe’s first manufacturer of control electronics for new generation computers. Since 2019, Creotech has been contributing to Sinara, the most advanced qubit control hardware ecosystem on the market, developed with the University of Oxford and other partners. Offering a 20-fold improvement in quantum system efficiency, Sinara features standardized management and reduced energy consumption.

Currently, Creotech is launching its largest project in the field of quantum technologies to date as recently an international consortium led by the University of Innsbruck, of which Creotech is a member, was selected by the European Commission 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 build a 1000-qubit solution by 2029.

“Creotech is the only member in this project from Central and Eastern Europe. This is a great source of pride for us and thus a confirmation that our past efforts and expertise in quantum computing are also recognized internationally,” says Grzegorz Brona.

Systems designed by Creotech Instruments are used in the most modern and technologically advanced research institutions in the world, i.e. the European Organization for Nuclear Research CERN in Geneva, the Institute for Heavy Ion Research GSI, and the DESY Research Center in Germany.

Creotech is able to consistently hit its growth milestones, translating to improved revenues and margins. In Q1 2022, the company almost doubled its net profit YoY, generating PLN 0.57m from January to March 2022. In the period, Creotech also achieved a 24% YoY growth in EBITDA, which amounted to almost PLN 1.5m. Total revenues over the same period stood at PLN 9.4m and remained relatively stable relative to the corresponding period of the previous year.

***

This material (and the information contained herein) is for information purposes only and in no event should be used as the basis for making a decision to acquire or subscribe for shares in Creotech Instruments S.A. with its registered office in Piaseczno (the “Company”). The public offering of the Company’s shares referred to in this material (the “Offering”) is carried out only on the basis of a prospectus within the meaning of Article 6.3 of Regulation 2017/1129 approved by the Polish Financial Supervision Authority (the “PFSA”) on 25 April 2022 (the “Prospectus”), which is the only legally binding document containing information about the Company, the Offering and the admission and introduction of the Company’s shares and rights to the Company’s shares to trading on the regulated market operated by the Warsaw Stock Exchange (the “WSE”). The PFSA approves the Prospectus only as meeting the standards of completeness, comprehensibility and consistency set out in Regulation 2017/1129. In approving the Prospectus, the PFSA does not verify or approve the Company’s business model, methods of conducting business activity or the means of its financing. In the proceedings for the approval of the Prospectus, neither the accuracy of the information contained in this document nor the level of risk related to the activities conducted by the Company nor the investment risk related to the purchase of the Company’s shares are assessed. For the purposes of the Offering in Poland and the admission and introduction of the Company’s securities to trading on the regulated market operated by the WSE, the Company published the Prospectus on its website (https://creotech.pl/ipo/) and additionally, for information purposes only, on the websites of DM Navigator (https://dmnavigator.pl/oferty) and Noble Securities (https://noblesecurities.pl/bankowosc-inwestycyjna/emisje-ączy/prospektyemisacyjne/2266-prospekt-emisacyjny-creotech-instruments-sa), in accordance with the applicable provisions of European and Polish law. Any investments related to the Offering should be made only on the basis of information contained in the approved and published Prospectus and in any amendments or supplements to the Prospectus. The Prospectus may contain information which varies from the information contained in this press release.

This press release is indicative only, and the information contained herein may not be deemed comprehensive or complete. This press release or any part hereof or the fact of its dissemination shall not constitute grounds or be relied upon in connection with any agreement, obligation or investment decision.

This press release is not intended to be distributed or used by any person or entity in any jurisdiction where such dissemination or use would conflict with local laws or regulations or which would subject the Company or its shareholders or any of their affiliates to authorization, notification, licensing or other requirements under applicable regulations. The dissemination of this press release and other information related to the Offering may be restricted by law. Any persons who come into possession of any document or other information referred to in this press release should inform themselves about and comply with such restrictions. Failure to comply with these restrictions may constitute a violation of the securities laws of any jurisdiction. It may be unlawful to distribute this press release in some jurisdictions.

The Prospectus and the Company’s securities covered by the Prospectus have not been and will not be the subject of registration, approval or notification in any country outside the Republic of Poland, in particular in accordance with the provisions of the Prospectus Regulation or American Securities Act of 1933 as amended (“US Securities Act”) and cannot be offered or sold outside the Republic of Poland (including in other European Union member states and the United States of America), unless such an offer or sale could be made in a given state lawfully, without the need to meet any additional legal requirements by the Company, shareholders or any of their affiliates and their advisors. In particular, this press release is not an offer of securities for sale in the United States of America. The securities referred to in this press release have not been and will not be registered under the US Securities Act and may not be offered or sold in the territory of the United States of America, except as an exception to the registration requirement under the US Securities Act or as part of a transaction that is not subject to registration under the US Securities Act. No public offering of the Company’s securities will be conducted in the United States of America.

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