FREYR Battery Announces Closing of $264,500,000 Public Offering of Ordinary Shares
December 05 2022 - 2:50PM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean,
next-generation battery cell production capacity, today announced
the closing of an underwritten public offering of 23,000,000 of its
Ordinary Shares without nominal value, including the green shoe
option that was exercised in full by the underwriters on December
1, 2022, at a public offering price of $11.50 per share before
underwriting discounts. The gross proceeds from the offering,
including the green shoe option, were approximately $264,500,000.
The offering closed on December 5, 2022.
FREYR intends to use the net proceeds from this offering for (i)
the continued construction of Giga Arctic facilities, (ii)
development expenditures for Giga America and (iii) general
corporate purposes. General corporate purposes may include the
financing of FREYR’s operations or investments.
Credit Suisse, BofA Securities and Morgan Stanley & Co.
acted as book-running managers for the offering.
The offering was made only by means of a previously filed
effective registration statement (including a base prospectus) and
a preliminary prospectus supplement. Copies of the preliminary
prospectus supplement and the accompanying prospectus relating to
the proposed offering, when available, may be obtained from Credit
Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933
Louis Stephens Drive, Morrisville, North Carolina 27560, by
telephone at (800) 221-1037 or by email at
usa.prospectus@credit-suisse.com; BofA Securities, Inc., Attn:
Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Dg.prospectus_requests@bofa.com;
or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180
Varick Street, 2nd Floor, New York, NY 10014. Before you invest,
you should read the prospectus in that registration statement and
other documents FREYR has filed with the Securities and Exchange
Commission for more complete information about FREYR and the
proposed offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery
solutions to reduce global emissions. Listed on the New York Stock
Exchange, FREYR’s mission is to produce green battery cells to
accelerate the decarbonization of energy and transportation systems
globally. FREYR has commenced building the first of its planned
factories in Mo i Rana, Norway and announced potential development
of industrial scale battery cell production in Vaasa, Finland, and
the United States. FREYR intends to install 50 GWh of battery cell
capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of
annual capacity by 2030.
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this press release, including, without limitation,
statements regarding FREYR’s use of proceeds from the offering are
forward-looking and involve significant risks and uncertainties
that could cause the actual results to differ materially from the
expected results.
Most of these factors are outside FREYR’s control and difficult
to predict. Information about factors that could materially affect
FREYR is set forth under the “Risk Factors” section in FREYR’s
Registration Statement on Form S-3 filed with the Securities and
Exchange Commission (the "SEC") on September 1, 2022, and in other
SEC filings available on the SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20221205005777/en/
Investor contact:
Jeffrey Spittel Vice President, Investor Relations
jeffrey.spittel@freyrbattery.com Tel: (+1) 281-222-0161
Media contact:
Katrin Berntsen Vice President, Communication and Public Affairs
katrin.berntsen@freyrbattery.com Tel: (+47) 920 54 570
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