(Alliance News) - expert.ai Spa announced Wednesday that it has signed an investment agreement with the company's major shareholders and GUM Group Spa, under which the latter has committed to underwrite a capital increase totaling EUR3.8 million.

Accordingly, the board of directors resolved to increase the company's share capital, in an indivisible manner, for cash by a maximum of EUR3.8 million, of which EUR3.79 million was share premium and EUR49,918.76 was share capital, by issuing nearly 5.0 million new ordinary shares, no par value, to be offered for

subscription to GUM.

The unit subscription price of the newly issued shares was determined to be EUR0.77 per share.

In addition, the company noted the resignation for reasons of professional expediency of independent director and member of the management control committee Cecilia Garattini, which was tendered on Wednesday and effective immediately. The board resolved to appoint Dario Pardi, GUM's legal representative and controlling shareholder, as a director.

Pardi was also given the position of chairman of the board of directors, succeeding Stefano Spaggiari, who will continue to maintain an active role on the board of directors as a director and will be the recipient of proxies for a role commensurate with his experience with the company.

Expert.ai trades up 18 percent at EUR1.04 per share.

By Chiara Bruschi, Alliance News reporter

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