Les Agences de Papa: 2022 loss reduced, sales doubled
The Nice-based company reported this morning a loss of 9.5 million euros for the past year, compared with a shortfall of 13 million euros at the end of fiscal 2021.
Sales more than doubled to 625,000 euros, compared with 301,000 euros a year earlier.
Including management fees, sales reached 3.1 million euros.
The group also announced that it had secured its working capital requirements over a 12-month horizon through equity and convertible bond financing.
The company explains that it has raised four million euros through a convertible bond issue fully subscribed by Capital Système Investissements, one of its historical investors.
A capital increase of 8.4 million euros will also enable it to strengthen its equity, based on a unit subscription price of 0.25 euro, representing a 50% discount to the last quoted price.
The company also announced that it had issued 26.6 million warrants, the exercise of which would lead to a capital increase worth a total of 6.7 million euros.
Following the completion of all these operations, the stake of a shareholder currently holding 1% of the capital would be reduced to 0.45%, on an undiluted basis.
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