An extraordinary general meeting in Pierce Group AB (publ) (”Pierce” or the ”Company”), was held on Friday 3 June 2022. The meeting resolved to approve the board of director’s resolution from 10 May 2022 to increase the company’s share capital through an issue of shares with preferential rights to existing shareholders.
The extraordinary meeting was conducted without the physical presence of shareholders, proxies and third parties and shareholders was before the meeting able to exercise their voting rights only by post in accordance with the Act (2022:121) on temporary exceptions to facilitate the execution of general meetings in companies and other associations.
The meeting resolved to approve the board of director’s resolution from 10 May 2022 to increase the company’s share capital through an issue of shares with preferential rights to existing shareholders. According to the final terms set by the board of directors, as announced on 31 May 2022, each share in the Company held on the record date for participation in the rights issue, 10 June 2022, entitles to one subscription right and one subscription right entitles to subscription for one new share. The subscription price has been set to SEK 8.75 per share, which entails issue proceeds of up to approximately SEK 347 million before transaction costs. The subscription period will run from 14 June 2022 up to and including 28 June 2022, or such later date as decided by the board of directors. Through the rights issue, the Company’s share capital can be increased by maximum SEK 793,741.004018 through the issuance of not more than 39,687,050 new shares. Additional information will be included in the prospectus regarding the rights issue.
More information about the resolution is available in the notice and the complete proposal comprised therein which is also available on the Company’s website, www.piercegroup.com. Minutes from the meeting will be published on the Company’s website within two weeks.
For further information please contact:
Nicolas Norlin, Head of Legal
Tel: +46 738223721
The information was released for publication, through the agency of the contact person set out above, at 10.55 CET on 3 June 2022.
Pierce is a leading e-commerce company which, with its online shops, 24MX, XLMOTO and Sledstore, sells gear, parts and accessories to riders across all of Europe through some forty locally adapted websites. The Company has two major segments, Offroad – sales to motocross and enduro riders, and Onroad – sales to high road riders. In addition, Pierce has a smaller segment, Other, which primarily focuses on sales to snowmobile riders. With a large and unique
product assortment, including several private brands, an excellent customer experience and attractive prices, Pierce is changing the motorcycle enthusiast market in Europe. Headquarters are located in Stockholm, Sweden, the central warehouse in Szczecin in Poland, and the major portion of our customer support services are located in Barcelona. The Company has approximately 430 employees.