Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Finans |
| Industri | Investeringar |
Flat Capital AB (publ) ("Flat") may need to write down the value in whole or in part in the portfolio company Getir. The assessment is made after updated information from Getir regarding their current financial situation. Getir has faced several challenges in recent year, which has also been covered in the media as a result of the company withdrawing from several markets in Europe. A full write-down in Getir would entail a negative adjustment of Flat's net asset value ("NAV") of approximately 32.6 MSEK, or approximately 0.66 SEK per Flat share, corresponding to 8.1% of the latest reported NAV as of March 31, 2024.
The potential write-down in Getir is a result of their significant challenges to achieve profitability in most of their markets and their potential subsequent restructuring. Flat made its first investment in Getir of approximately 19 MSEK in April 2022. In May 2023, Flat made an additional investment of approximately 21 MSEK, through a convertible loan on terms that would convert Flat's total investment into a discount to the next capital round. Getir carried out a new capital round in 2023, which meant that Flat's holding was technically adjusted upwards by approximately 18 MSEK. Following updated information on Getir's challenges, a risk premium of 50% was applied to the holding during the interim period January-March 2024, which meant that the total value amounted to approximately 32.6 MSEK as of March 31, 2024. Getir has now provided information on continued financial problems, which may result in a need for further significant write-downs. A full write-down of Flat's holding in Getir would result in a negative adjustment to Flat's NAV of approximately 32.6 MSEK, or approximately 0.66 SEK per Flat share, corresponding to approximately 8.1% of the last reported NAV as of March 31, 2024. As soon as Flat has been able to verify the need for write-down, depending on Getir's upcoming actions, Flat intends to update the market.
In addition to Flat Capital, the list of shareholders includes investors such as Sequoia Capital, Mubadala, Tiger Global and Michael Moritz.
For further information, please contact:
Hanna Andreen, CEO, hw@flatcapital.com, +46 (0) 733 53 44 66
Antonio Melani, CFO, am@flatcapital.com,+46 (0) 72 221 81 32
Certified Adviser:
Flat Capital's Certified Adviser is Augment Partners AB, info@augment.se, +46 (0) 8 604 22 55
About Flat Capital:
Flat Capital is an investment company that focuses on growth stage companies with prominent entrepreneurs in leading positions and primarily makes investments through its network of world-class investors and entrepreneurs. The company was founded in 2013 by entrepreneurs Nina and Sebastian Siemiatkowski (founders and CEOs of Milkywire and Klarna, respectively) and is led by CEO Hanna Andreen (former Wachtmeister) together with an experienced board of directors. Examples of portfolio companies include Klarna, OpenAI, Instabee, Figma and DeepL. The company aims to provide long-term capital and is essentially a passive minority shareholder, while Flat Capital's experience and network are available to the extent the entrepreneur wishes. The aim is to facilitate successful company building and enable exposure to otherwise hard-to-reach and promising companies.
More information is available at www.flatcapital.com
Note: This is a non-official translation of the Swedish original text. The text has been translated using DeepL. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.
This information is information that Flat Capital AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-06-20 11:30 CEST.