(Alliance News) - Racing Force Spa on Tuesday announced that its board of directors has resolved to increase its share capital by issuing new shares for EUR7 million and a price per share of EUR4.43 each.

As part of the aucap, Axon Partners Group Investment, as cornerstone investor, signed a binding and irrevocable commitment with the company to underwrite a portion of the capital increase to service the placement, for a total maximum amount of up to EUR5 million.

In addition, the company announced the signing of a commitment with Bahrain International Circuit to build a new production facility in Bahrain.

Racing Force Tuesday closed 0.3 percent in the red at EUR3.87 per share.

By Claudia Cavaliere, Alliance News reporter

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