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Thursday, April 18, 2024

ECIJA advises Squirrel Media on €10m capital increase

ECIJA's Capital Markets area has advised the Spanish listed company Squirrel Media on a capital increase for a total effective amount of €10 million

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Squirrel Media has set its capital increase against cash contributions and excluding pre-emptive subscription rights at a total effective amount of EUR 10 million, through the issue of 3.125 million shares, representing 3.64% of its current share capital.

The issue price was €3.20 per share, of which €0.50 corresponds to the nominal value and EUR 2.70 to the issue premium. This price represents a discount of 8.57% on the closing price of Squirrel Media shares yesterday (€3.50 per share).

ECIJA’s capital markets area has advised the Spanish listed company Squirrel Media in relation to a capital increase by means of cash contributions and excluding pre-emptive subscription rights for a total effective amount of €10 million, and subsequent admission to trading of the new shares on the Spanish Stock Exchanges, representing 3.64% of its share capital. The placement of the new shares was carried out through an accelerated private placement process known as an accelerated bookbuild offering (ABO) conducted by Solventis.

The main purpose of this capital increase is to “optimally” finance the inorganic growth of the Squirrel group, which “currently has several corporate operations at an advanced stage of negotiation”; the promotion of content distribution activities, increasing investment in this line of business; to provide the “content” business division with the necessary equity for expansion in the Anglo-Saxon market, mainly in the United States of America and/or the United Kingdom; and to provide Squirrel Media with more free-float capital in order to continue improving its liquidity.

ECIJA’s team was led by partners Alberto Alonso Ureba and Miguel Sánchez.

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