Forsee Power Draws Down €10 Million as Part of Its Financing Contract With the EIB

Regulatory News:

Forsee Power (FR0014005SB3 – FORSE – the “Company”), expert in intelligent battery systems for sustainable electromobility, announces the drawing of a tranche of 10 million euros from the European Investment Bank (EIB) under the credit agreement for a maximum principal amount of €50 million signed with this institution in December 2020.

Drawdown of Tranche C

As of 06/30/2023, the Company had two unused financing lines of €10 million each (Tranches C and D) contracted with the EIB.

• The drawing of Tranche C for 10 million euros was conditional on prerequisites (i) achieving consolidated turnover which the group had already achieved at the close of the 2020 financial year and (ii) carrying out a capital increase of an amount greater than 10 million euros, which was carried out in November 2021 with the Company's IPO. It is this Tranche C which is the subject of the drawing, and which will be paid on December 18, 2023 bearing an annual interest of 3% and a capitalized interest of 1.5% payable ultimately upon repayment of the principal (maturity 5 years). These financing conditions remain competitive compared to current financing conditions.
• The Company also has the possibility of drawing on a Tranche D in the amount of 10 million euros subject to the achievement of certain conditions, which have not been met to date.

The drawing of this Tranche C has already given rise on December 4, 2023, on the basis of the twenty-fourth resolution adopted by the combined general meeting of June 23, 2023, to the issue for the benefit of the EIB of 1,000 new bonds of so-called “BEI E” shares (the warrants) with an exercise price of €5.78 per warrant, each warrant giving the right, in the event of exercise, to the subscription of a maximum of 300 new ordinary shares of the Company (i.e. 0.0004% of the share capital per warrant, on an undiluted basis).

The main characteristics of warrants are summarized below:

Exercise cases for warrants		The warrants are exercisable depending on the occurrence of certain events (carried out after the issuance of the warrants), in particular:   Change of control; Maturity of Tranche C; Reimbursement for any reason whatsoever of one of the Sections of the credit contract; Event of default.
Exercise period for warrants