(Alliance News) - Cube Labs Spa has announced that the board has resolved to proceed with the placement of 250,000 shares, with a maximum value of EUR500,000.

The new shares are from the capital increase approved by the shareholders' meeting in January to service the listing transaction and with a final deadline for subscription set for December 31 of this year, amounting to a maximum of EUR8.0 million, with issuance of 2.1 million ordinary shares at an issue price of EUR2.00 per share, of which EUR0.03 is to be charged to capital and EUR1.97 to be paid as a share premium.

The placement-which is reserved for qualified investors and will close on Dec. 22-will, if the new shares are fully subscribed, have the effect of increasing the number of shares to 17.9 million and the company's free float to 16 percent, while broadening and diversifying the company's shareholder base.

Cube Labs' stock is unchanged at EUR2.12 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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