Zenith Energy secures conditional approval for Spotlight listing, launches SDR offering

Zenith Energy Ltd. has received conditional approval for its Swedish Depository Receipts (SDRs) to be listed on Spotlight Stock Market, with trading expected to commence on October 10, 2025. This move is supported by an offering of SDRs to the general public and institutional investors in Sweden and internationally, aiming to raise approximately SEK 25 million and broaden the shareholder base. The subscription price is set at SEK 0.45 per SDR, valuing the company pre-money at SEK 226.8 million. The offering, if fully subscribed, would increase outstanding shares by 55,555,556, leading to a dilution of approximately 9.9%.

The proceeds from the offering will primarily be allocated to accelerate strategic initiatives, including the development and expansion of solar energy projects in Italy, strengthening working capital, and supporting potential acquisitions or project scale-ups. Zenith's operational focus spans natural gas and solar energy in Italy and the United States, alongside ongoing international arbitration proceedings in Tunisia, which could provide significant financial upside for growth investments.

The subscription period for the SDRs runs from September 9 to September 23, 2025, with the outcome publication on September 24, 2025. Eminova Fondkommission AB is acting as the issue agent and financial advisor for this offering.