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Press release, 1 November 2022, at 12.00 PM EET
The Board of Directors of Valmet Automotive Plc has today, 1 November 2022, decided to withdraw the company’s planned Initial Public Offering (IPO). It was concluded that despite strong initial interest from institutional investors, the planned IPO did not have the prerequisites to be launched in the current market environment, due to the present weak capital market sentiment towards IPOs and general uncertainties in the automotive industry as well as wider economy. Instead, the company will explore alternative financing options to support its growth strategy as the automotive industry continues its transition to electrified mobility.
Jarkko Sairanen, Chair of the Board, Valmet Automotive
Olaf Bongwald, CEO, Valmet Automotive
callback requests Nadja Doyle, tel. +358 50 317 0538
Maiju Röysky, Miltton
tel. +358 50 574 7028
Disclaimer and important information
It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for distribution in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other jurisdiction where such distribution would be unlawful. The information in this announcement does not constitute an offer of securities for sale in such jurisdictions.
This announcement does not constitute an offer for sale, or a solicitation of an offer to purchase or subscribe for, any securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The company does not intend to register any of the securities in the United States or to conduct a public offering of securities in the United States. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.