Shelly Group broadens free float following successful share placement by major shareholder

Shelly Group broadens free float following successful share placement by major shareholder

Sofia / Munich, 27 September 2023 – Shelly Group AD (ticker SLYG / ISIN: BG1100003166) ("Shelly Group"), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has been informed by its major shareholder and member of the Board of Directors Svetlin Todorov about the placement of shares out of his ownership. Svetlin Todorov, co-founder of Shelly Group and head of the Company's US business, has thus responded to the great interest in shares of the Company based on its strong business performance as well as the general desire of the capital market to broaden the free float, by placing shares representing approximately 2% of the Company’s capital to institutional investors through private placement. The transaction was executed at a price above the average share price of the last 3 months. Svetlin Todorov continues to fully support the development of the Shelly Group and intends to remain a major shareholder of the Company in the future.

Wolfgang Kirsch, Co-CEO of Shelly Group, explained: “Shelly Group welcomes the placement of part of the shares of its co-founder Svetlin Todorov. With the broadening of the free float and the associated increase in liquidity, Shelly shares are becoming more and more attractive for institutional investors. We consider the obvious interest in the placement in the current challenging market environment for small caps as a clear sign of confidence in our business model and our positioning in the market. In addition to broadening our shareholder base, we continue to strive for inclusion in Xetra trading.”

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and in the Prime Standard of the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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