NEON EQUI­TY AG: Amend­ment of the tran­sac­tion con­cept for the acqui­si­ti­on of First Move! AG by way of a capi­tal increase in kind

Publi­ca­ti­on of insi­de infor­ma­ti­on pur­su­ant to Artic­le 17 MAR

Frank­furt am Main, Janu­ary 17, 2025 - The Manage­ment Board of NEON EQUI­TY AG (ISIN DE000A3DW408) has held talks with SP 1 Equi­ty GmbH, Frank­furt am Main (“SP 1”) regar­ding the amend­ment of the tran­sac­tion con­cept and the con­di­ti­ons for the acqui­si­ti­on of the sta­ke in First Move! AG (“First Move”). This took place against the back­ground of the expec­ted delays due to the ongo­ing legal chal­lenges regar­ding the capi­tal mea­su­res resol­ved by the Annu­al Gene­ral Mee­ting on 28 May 2024 and the Extra­or­di­na­ry Gene­ral Mee­ting on 31 Octo­ber 2024 (capi­tal reduc­tions, crea­ti­on of new aut­ho­ri­zed capi­tal, capi­tal increase against con­tri­bu­ti­ons in kind; tog­e­ther ​“Annu­al Gene­ral Mee­ting reso­lu­ti­ons”).

Fol­lo­wing a cor­re­spon­ding agree­ment with SP1, the Manage­ment Board deci­ded today, with the appr­oval of the Super­vi­so­ry Board, not to pur­sue the reso­lu­ti­ons of the Annu­al Gene­ral Mee­ting, but to car­ry out a capi­tal increase against con­tri­bu­ti­on in kind of 88% of the shares in First Move from the exis­ting aut­ho­ri­zed capi­tal 2022 with a volu­me of EUR 11,529,408.00. The inten­ded capi­tal increase against con­tri­bu­ti­on in kind is to be car­ri­ed out against the gran­ting of 11,529,408 new NEON EQUI­TY shares to SP 1. The exch­an­ge ratio shall be 131,016:1, i.e. for every one First Move share, SP 1 shall recei­ve 131,016 new NEON EQUI­TY shares. On the one hand, the exch­an­ge ratio is still based on the valua­ti­on approach for First Move of EUR 78.4 mil­li­on nego­tia­ted with SP1 on the basis of an expert valua­ti­on of around EUR 118.8 mil­li­on. On the other hand, the exch­an­ge ratio is now based on a signi­fi­cant­ly hig­her valua­ti­on of the new NEON EQUI­TY shares of EUR 6.80 (accor­ding to the ori­gi­nal con­cept: EUR 2.50), i.e. a pre­mi­um of around 350% (pre­vious­ly 58%) on yes­ter­day’s clo­sing pri­ce of the NEON EQUI­TY shares in XETRA tra­ding of EUR 1.94. Accor­din­gly, the num­ber of NEON EQUI­TY shares to be issued is signi­fi­cant­ly redu­ced.