LONDON--(BUSINESS WIRE)--Regulatory News:
Following the Q4 and FY 23 Trading Update published on February 2, 2024, MotorK Plc (AMS: MTRK) (“MotorK” or the “Group”) announces the successful implementation of a reserved capital increase totaling approximately €12.3 million.
As part of a strategic move to strengthen its financial position and underline its unwavering commitment to the outlined growth trajectory and path to profitability, MotorK confirms a reserved capital increase of approximately 12.3 million euros.
The participants in this strategic round include 83North, Lucerne Capital Management, PROCAR Automobile, and Anfield Ltd. The company is delighted to welcome Anfield Ltd as a new cornerstone investor alongside its existing major shareholders.
This significant step not only demonstrates the confidence of existing and new investors in the company's potential, but also reinforces the strategic partners' collaborative commitment to MotorK's continued growth and success.
The reserved capital increase, based on a reference price per share of 3.00 euros, results in the issue of 4,092,592 new ordinary shares. In addition, these newly-issued shares will be subject to a 6-month lock-up period, underlining the investors' long-term vision and dedication to the Group's success.
Marco Marlia, Co-founder & CEO of MotorK said: “The success of this capital increase is a testament to the trust our investors have in MotorK's potential. We are grateful for their support as we continue our journey towards building the leading Automotive SaaS Solutions Provider in Europe .”
About the Investors
83North: 83North is a global venture capital firm with over $2.2B under management. The fund invests across all stages in exceptional entrepreneurs focused on building global category leading companies.
Lucerne Capital Management: Lucerne is an investment firm specializing in fundamental, bottom-up stock selection with a focus on European markets. The firm manages approximately $500 million in assets. Lucerne's expertise is a combination of four decades of experience in European equity research and a repeatable private equity investment style with tactical trading around value dislocations.
Anfield Ltd: Anfield is a private investment company that actively invests in the technology sector with a philosophy embedded around good people and strong partnerships. Anfield’s edge stems from its global network of people and resources and years of experience.
PROCAR Automobile: A leading auto Dealership group in Germany and the largest distributor of BMW brands in Germany.
Forward-looking information / disclaimer
This press release may include forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, may be deemed to be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "anticipates", "estimates", "projects", "will", "may", "would", "could" or "should", or words or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are based on our current expectations, projections and key assumptions about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond MotorK’s ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Important information
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ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 450 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, Belgium, the UK and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 5th Floor One New Change, London, England, EC4M 9AF - Company Registration: 9259000. For more information: www.motork.io or www.investors.motork.io.
