November 18 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said that its share offering launched in October was not successful, but the company will nevertheless move forth with its plans to list in Amsterdam.
Sin Cars attempted to increase its capital to 34.2 million levs ($18.05 million/17.5 million euro) from 20.5 million levs by issuing up to 13.7 million shares at a price of 1.14 levs each.
You can subscribe to our M&A newsletter here
It, however, did not reach the threshold of placing at least 2.5 million shares, which was required for declaring the deal successful, Sin Cars said in a bourse filing on Thursday.
Potential investors, which had indicated their intention to participate in the offering, faced multiple “investment restrictions at various levels” preventing them from allocating funds to Sin Cars, the company said.
Sin Cars, which revealed in October plans for an initial public offering (IPO) in Amsterdam, said that it has already started discussions with Euronext Amsterdam. The company seeks to list a holding incorporating its English, US, German and Bulgarian units as soon as possible.
Although the firm plans to relocate part of its manufacturing in Romania, Sin Cars Industry will remain a Bulgarian company, it said, and the planned Romanian unit will be part of the Bulgarian firm.
Sin Cars said in August that it intends to build a plant for the manufacturing of its L CITY electric vehicles in Romania, expanding its existing operations at the home base in Ruse, Bulgaria. The company has already received orders for over 400 vehicles for 2023.
(1 euro = 1.95583 levs)