Hexagon Composites raises NOK 590m in private placement

Hexagon Composites ASA has successfully completed a private placement, raising approximately NOK 590 million in gross proceeds. This was achieved by issuing 42,014,080 new shares at an offer price of NOK 14 per share. The funds are earmarked for strengthening the balance sheet, accelerating natural gas truck (X15N) adoption, and general corporate purposes.

The private placement involved a deviation from existing shareholders' pre-emptive rights, which the board deemed justified for efficient capital raising, a lower discount, and reduced completion risks compared to a rights issue. Following the share capital increase registration, the company will have 252,084,496 shares outstanding. A 6-month lock-up period has been agreed upon by the company, executive management, and major shareholder Knut Flakk.

Furthermore, the board has resolved to conduct a subsequent offering of up to 6,000,000 new shares at the same subscription price for eligible existing shareholders. This subsequent offering is conditional on a National Prospectus registration, prevailing market price, and approval by an extraordinary general meeting, and is expected to commence in Q4 2025. DNB Carnegie, Skandinaviska Enskilda Banken AB, and Danske Bank A/S NUF acted as joint bookrunners.