October 17 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said on Monday that the trading of rights for participation in its capital increase has started.
The trading will continue until October 28, the company said in an announcement on its website.
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Sin Cars announced in August that it will seek to raise about 15.6 million levs ($7.78 million/7.98 million euro) by offering up to 13.7 million new shares with a face value of 1 lev each at a price of 1.14 levs apiece.
As part of the capital increase, the company’s investors are allowed to subscribe for two new shares for each three rights they hold. The subscription period runs from October 17 to November 16. An auction for unexercised rights will be held on November 3.
Overall, Sin Cars aims to raise its capital up to 34.2 million levs from 20.5 million levs. The offering will be declared successful if at least 2.5 million new shares are subscribed for.
Sin Cars said in August that it plans to expand its operations to neighbouring Romania by constructing a plant for the manufacturing of its L CITY vehicles.
In September, the company said it aims to manufacture about 100,000 cars per year by 2030. If the expansion goals are achieved, its annual revenue may exceed 5 billion euro ($4.88 billion) by 2030.
By 0943 CEST on Monday, Sin Cars shares traded flat at 1.10 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)