(Alliance News) - Circle Spa shareholders have approved a EUR4.0 million capital increase involving the issuance-through accelerated bookbuilding-of up to 600,000 new ordinary shares in the company.

The price of the new shares will be determined, upon the outcome of the ABB, by the board of directors taking into account market conditions, the quality and quantity of expressions of interest received from investors, and on the understanding that the minimum price may not be less than the weighted average market value of the shares during the 180 trading days prior to the date of execution of the reserved capital increase for institutional investors.

"The reserved capital increase will provide the company with the ability to quickly and efficiently raise risk capital to be used to continue the strategy of strengthening its capital and financial position as well as to support the development and growth of its core business, without any impact on its financial position and income statement, as well as, in particular, to further evolve its innovative product portfolio and continue on the path of Systematic Merger & Acquisition, taking advantage of opportunities in the market, as well as expand and diversify the free float thereby facilitating the exchange of securities," Circle speigato.

Circle's stock is down 1.3 percent at EUR7.90 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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