PARIS, FRANCE: BALYO announced the success of a capital increase with cancellation of the preferential subscription right by placement of a final amount of €6.1 million to qualified French and international investors, carried-out by accelerated construction of an order book.

Concurrently with the Primary Offer, funds managed by Seventure Partners, historical shareholder of the Company since 2010, have sold 1,358,911 existing shares, at the same price as the Primary Offer, i.e. an amount of €1.7 million.

The funds managed by Seventure Partners will continue to support the development and growth of the Company. In this respect, they have committed to holding their residual stake for a minimum period of 15 months from the date of completion of the transaction.

Bryan, Garnier & Co Limited1 is acting as Sole Global Coordinator, Lead Manager and Bookrunner of the transaction.

The Primary Offering resulted in the issuance of 4.885.089 new ordinary shares, representing 16.7% of the Company’s current share capital, at a price per share of €1.25 (including share premium), representing a total fundraising of €6,106,361.25 (including share premium).

Following the Primary Offering, the share capital of the Company is now composed of 33,675,587 shares with a par value of €0.08 each. Based on the Company’s cash position (€6.4 million as at 30 June 2021) and its forecasted expenses, the amount raised in the transaction should enable the Company to achieve its strategic objectives.

“We would like to thank the new investors who have joined us and those who have reaffirmed their support for this transaction. These new resources provide us with the necessary means to accelerate the commercialization of our offer and to meet the growing demand from international customers who wish to improve their logistics performance,” said Pascal Rialland, Chairman and CEO of BALYO.

The proceeds of the Primary Offering are primarily intended to provide the Company with additional resources to finance sales and marketing expenses to accelerate the commercial ramp-up of the latest generation of robots in 2022 as well as additional R&D expenses related to the implementation of the the roadmap of new solutions.

The funds raised will also be used for working capital related to the expected growth as well as the general financing needs of the Company, for a smaller portion, less than 20%, within the framework of the latter allocation. The Company also specifies that its available cash position prior to the launch of the transaction is sufficient to cover its financing needs for the year 2021.

The new shares will rank for dividend immediately and will be admitted to trading on the regulated market of Euronext Paris.

BALYO transforms standard forklifts into intelligent robots thanks to its breakthrough Driven by Balyo™ technology. Our leading geo guidance navigation system enables robots to locate their position and navigate autonomously inside buildings – without the need for any additional infrastructure. To accelerate the material handling market conversion to autonomy, BALYO has entered into two global partnerships with KION (Linde Material Handling’s parent company) and Hyster-Yale Group.

A full range of globally available robots has been developed for virtually all traditional warehousing applications; Tractor, Pallet, Stackers, Reach and VNA-robots. BALYO and its subsidiaries in Boston and Singapore serve clients in the Americas, Europe and Asia-Pacific. The company has been listed on EURONEXT since 2017 and its sales revenue reached €21.7 million in 2020. www.balyo.com