Cuatroochenta approves a capital increase of up to 8 million euros

MADRID, 3 Jun. (EUROPA PRESS) -

Cuatroochenta's board of directors has approved a capital increase of up to 7.95 million euros with an issue price of 14.2 euros per share, 13% less than the current price of the technology shares on BME Growth and 20% less than the average price so far this year.

The increase will be carried out in June and current shareholders will have preferential subscription rights. Once the term to exercise this right ends, the remaining shares will be offered in a discretionary allocation process open to any type of investor.

The company will use the funds raised to boost its inorganic and organic growth with a special focus on increasing recurring revenue and continuing to expand markets.

The company debuted in October 2020 on BME Growth with a Share Subscription Offer that ended in oversubscription. Since then, it has appreciated 74%.

Renta 4 Corporate participates in the placement procedure as registered advisor, Renta 4 Banco as placement entity and agent bank, and Andbank as placement entity.

"We have already validated our business model; we have the wickers, the structure, the diversification of clients, markets and product portfolio and we are beginning to scale and grow," said the firm's CEO, Alfredo R. Cebrián.

The shares of the firm have fallen by 5.58% after knowing the prices of the capital increase.

The founders of Cuatroochenta, Sergio Aguado and Cebrián himself, have both percentages slightly above 20% of the capital, as is the case with World Wide Networks, the family office of the Montesinos family, the largest shareholder with 22.42%. . For its part, the Pavasal group has a 5.96% stake.