However, the administrative processes associated with a refinancing from China have been more time-consuming than expected, which means that there is a risk that the repayment of the SOLT4 bond with maturity date, November 8, 2024, will not be met. The company therefore assesses that it is in the interest of the bondholders and the company to request an extension of the bond agreement.

The next step is that the bondholders will be informed and allowed to vote on an extension of the relevant bond agreements through a written procedure.

Gigasun has a strong underlying business with good cash flows and has always been able to meet its commitments both in terms of repayment of bonds and ongoing interest payments. On June 19, 2024, the company has also raised a new financing of approximately SEK 870 million on significantly more favorable terms in order to secure the company's financial position.

Max Metelius, CEO of Gigasun, comments:

"Gigasun operates in a very strong renewable energy market in China and has a well-functioning and proven business model with good cash flows. This makes us an attractive borrower in China. As in the case of the SOLT2 and SOLT5 bonds that were repaid with financing from China, it is our assessment that we will also refinance the SOLT4 bond with local Chinese bank loans and investments, which will also be our main future source of financing. However, the time required is difficult to assess, which is why we are requesting an extension of SOLT4.”

Information regarding the extension of the SOLT4 bond can be found in the attached document.