announced that it expects to receive $4.Tubesolar AG: tubesolar AG decides to issue convertible bond and initiate cost-cutting measuresĪugsburg, tubesolar AG (ISIN DE000A2PXQD4) tries to cover the short-term financial needs of the company by issuing a convertible bond and thereby avert the insolvency of the company. announced that it has received $4.5 million in funding from Crowdex Investment, LLC, TubeSolar AGĪscent Solar Technologies, Inc. TubeSolar AG Signs for Investment in Ascent Solar Technologies, IncĪscent Solar Technologies, Inc. TubeSolar AG announced that it has received €1 million in funding TubeSolar AG announced that it has received €6.5 million in funding Tubesolar Ag Launches Far-Reaching Cooperation with Green Roof System Manufacturer ZinCo Mantke as Chief Financial Officer Effective January 1, 2022 TubeSolar AG Announces Change in the Supervisory BoardĪscent Solar Signs Strategic Partnership and Long Term Supply Agreement with TubeSolar AG TubeSolar AG announced that it has received 4.68 million in funding TubeSolar Issues $8 Million Convertible Bond Stock Down 5% +49 821 899 830 Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt, Munich (m:access), Tradegate Exchange Regardless of the amount of funds raised with the present issue, tubesolar AG will be dependent on raising further funds - equity and/or debt - in the short term in order to avoid insolvency and to continue its business activities.ģ CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. This takes account of the fact that the Company is currently exposed to supply difficulties for the most important precursor product - namely PV foil. This includes the very extensive use of short-time working. If it is not possible to place the convertible bond, the Executive Board is expected to file an application for insolvency proceedings with the competent local court in the second half of June due to insolvency.įurthermore, the Executive Board will immediately implement measures to reduce current costs. The subscription offer, a basic information sheet and the convertible bond terms and conditions are also expected to be available on the Company's website at in the Investor Relations section from June 2, 2023. A capital reduction will not affect the aforementioned exchange ratio. The Executive Board will therefore propose a capital reduction to the next Annual General Meeting. Bonds not subscribed by shareholders within the subscription period will be offered to selected investors for purchase at the subscription price in a private placement.īased on the current stock market price of the Company's shares of well below one euro, a capital increase without a prior capital cut does not appear to be feasible from the Company's point of view. The subscription period is expected to begin on Jand end on J(both inclusive). The corresponding subscription offer is expected to be published in the Bundesanzeiger (Federal Gazette) on June 2, 2023. four no-par value bearer shares entitle the holder to subscribe to one bond) at a subscription price of 100% of the nominal amount of EUR 1.00 per bond. The bonds will be offered to the Company's shareholders for subscription at a ratio of 4 to 1 (i.e. Shareholders are granted the statutory subscription right. The conversion price per share is EUR 1.00. The final maturity date is August 1, 2027. The term of the convertible bond begins on August 1, 2023. Each bond will bear interest of 2.0% p.a. To this end, the Executive Board of the Company today resolved, with the approval of the Supervisory Board, to issue a convertible bond on the basis of the authorization resolution of the Annual General Meeting on August 14, 2020.įollowing today's resolution, the Company will issue a 2.0% convertible bond with a total nominal value of up to EUR 4,500,000.00, divided into up to 4,500,000 bearer bonds with equal rights and a nominal value of EUR 1.00 each. Tubesolar AG: tubesolar AG decides to issue convertible bond and initiate cost-cutting measuresĪugsburg, tubesolar AG (ISIN DE000A2PXQD4) tries to cover the short-term financial needs of the company by issuing a convertible bond and thereby avert the insolvency of the company.
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