Enedo Plc signs at least € 1 million bridging loan with Inission Ab to resolve liquidity shortage

Enedo Plc stock market press release on November 26, 2021 at 2:00 p.m. EET

Enedo Plc signs a bridging loan of at least 1 million euros with Inission A B to resolve cash shortage

In the third quarter activity review of October 27, 2021, Enedo Plc commented on the turnaround program and that Enedo Plc needs to strengthen liquidity in order to financially manage the transition period and implement the turnaround program, as it turned out to be more difficult than expected, both in time and financially. Enedo Plc also said the company is in talks with various financial institutions over the loan deal. The turnaround program is expected to cost around 4 million euros until the end of the first quarter of next year.

Enedo Plc signed a short term bridging loan with Inission Ab today as Enedo Plc was cash flow constrained and needed to strengthen its liquidity and financial position, and finalize the turnaround program to become a profitable business.

The minimum amount of the bridging loan is 1 million euros and it can be increased up to 2 million euros by separate agreement of the parties. Negotiations on the longer-term loan agreement are continuing and management expects to sign the agreement by year-end. The bridging loan becomes due and repayable on demand after the company has drawn the first tranche under the longer loan plan under negotiation, but no later than December 31, 2021.

ENEDO PLC

Mikael fryklund
President and CEO

For more information, please contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864.

DISTRIBUTION

Nasdaq Helsinki Ltd
Main media

Enedo
Enedo is a European designer and producer of high quality power supplies and electronic systems for critical equipment, even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, safer, more energy efficient – and just to meet its purpose. The three main product categories of Enedo are LED drivers, power supplies and power systems. In 2020, the group’s turnover amounted to 38.5 million euros. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and the United States. The group’s head office is in Finland and the parent company Enedo Oyj is listed on the Nasdaq Helsinki Oy.

www.enedopower.com

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