Press release – 2.3.2023

Duell successfully completes directed share issue raising EUR 8.7 million

Duell has successfully carried out the offering of 5,090,900 new shares in the Company in a directed share issue to limited number of institutional and other investors. Duell raised in total EUR 8.7 million as a result of the share issue. The subscription price of the shares is EUR 1.70 per share, corresponding to a discount of approximately 6.6 per cent to the closing price of the Duell’s share on March 1, 2023.
 
The purpose of the share issue is to finance the first payment with approximately 60% of the of the purchase price of the acquisition of UK based TranAm. The acquisition of TranAm, a leading distributor and wholesaler of premium clothing and accessories for motorcycling, is part of Duell’s geographical expansion strategy, announced on February 27, 2023. The second payment, 40% of the purchase price will be paid by end of 2023.
 
For the successful share issue, Carnegie Investment Bank AB, Finland Branch acted as Sole Bookrunner, White & Case LLP as the legal adviser and Krogerus Attorneys Ltd as legal adviser to Carnegie.