Reference is made to the previous announcements made by Otovo ASA ("Otovo" or the "Company") regarding the merger with European Distributed Energy Assets Holding AS Otovo ASA ("EDEA") as announced on 7 April 2022, where Otovo is the acquiring company and EDEA is the transferring company.
The creditor notice period for the merger expired on 14 June 2022 and the merger was registered as completed in the Norwegian Register of Business Enterprises today on 16 June 2022.
As a result of the merger, EDEA has been dissolved and the share capital of Otovo has been increased with NOK 12,660.70, by the issuance of 1,266,070 new shares with a nominal value of NOK 0.01. The new share capital is NOK 1,358,338.17, consisting of 135,833,817 shares with a nominal value of NOK 0.01.
As consideration, the shareholders in EDEA, other than Otovo, will receive 1.7 new shares in Otovo for each share owned in EDEA, as such shareholder appears in the shareholder register with Euronext Securities Oslo (the "VPS") as at the expiry of two trading days thereafter (the "Record Date"), i.e. on Monday 20 June 2022. The consideration shares are expected to be delivered to the EDEA shareholders through VPS on or about Tuesday 21 June 2022.
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof, and batteries in the home. Otovo is a marketplace that organises hundreds of local, high quality and qualified energy installers. The company uses its proprietary technology to analyse the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.
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