Meyer Burger Announces Rights Issue Terms and EGM Proposals

Meyer Burger Technology AG plans a CHF 200 million rights issue to fund its expansion in the U.S., issuing up to 20,144,423,886 new shares. The subscription price is set at CHF 0.01 per share, with a subscription ratio of 28:5. Sentis Capital and D.E. Shaw Renewable Investments (DESRI) commit up to CHF 67.5 million in total. The rights issue, subject to Extraordinary General Meeting (EGM) approval, aims to finance new Colorado and Arizona manufacturing facilities.

The rights issue allows existing shareholders to receive one subscription right per share held, starting March 20, 2024. Unexercised rights will expire on April 2, 2024. The company anticipates finalizing the capital increase by April 3, 2024, with new shares delivered by April 5, 2024. Sentis Capital and DESRI’s commitments cover approximately 33.5% of the expected gross proceeds.

Meyer Burger also updates its EGM proposals to match the rights issue terms, including adjusting the nominal share value and increasing conditional capital.

Furthermore, the company progresses with additional financing, including a potential USD 300 million tax credit financing and a USD 95 million German export agency credit guarantee. Negotiations with the U.S. Department of Energy for a DOE loan continue, with the potential to close the CHF 450 million funding gap identified in January 2024.