Otovo EGM approves capital hike, private placement, and board changes

Otovo ASA held an extraordinary general meeting (EGM) on December 5, 2025, where all agenda proposals were adopted. The meeting, chaired by Lars Martin Sveen, registered 201,101,408 represented shares, accounting for 71.82% of the total issued shares and votes. Key resolutions included a share capital increase through debt conversion and a private placement, and an adjustment to the board of directors.

The EGM approved a share capital increase of a minimum NOK 1,450,000 and a maximum NOK 2,350,000 by issuing between 145,000,000 and 235,000,000 new shares, each with a nominal value of NOK 0.01. The subscription price was NOK 1 per share, with the excess allocated to share premium. These shares will be subscribed by William J. Berger on behalf of Onvis Inc. shareholders. An additional capital increase of NOK 169,452.42 was approved through a private placement, issuing 16,945,242 new shares at NOK 1 per share, to be subscribed by Fearnley Securities AS on behalf of investors including Å Energi Invest AS, Nysnø Klimainvesteringer, and Codee Holding AS.

Furthermore, the EGM authorized the board to increase the share capital by up to NOK 1,107,052.06 through new share issuances and approved a 10:1 reverse share split. George Coyle was elected as a new board member, joining Lars Erik Torjussen, Tor Øystein Repstad, Mette Rokne Hanestad, Aina Lemoen Lunde, Samuel Gürtl, and Nanna Petersen. Davis Clouse was also elected to the nomination committee.