Youngtimers AG (SWX:YTME) acquired Youngtimers Asset Company AG from Lapo Elkann on July 20, 2021. The transaction will be financed from the proceeds of the private placement of 50 million new shares at a price of 0.70 CHF per share. Post completion, Adam Lindemann will remain the Chairman of Youngtimers in Switzerland of Youngtimers Classics in the United States, Izabela Depczyk and the delegate of YTME, Massimiliano Iuliano, will join the board of Garage Italia. Enrico Vitali resigned by consensus as Chief Executive Officer of Garage Italia. BALEX Law (legal), Wenger Vieli & Co and Lenz & Staehelin (both - Switzerland) and Moses & Singer (USA) acted as legal advisors in different roles for acquisitions of Youngtimers Asset Company, Garage Italia Customs S.r.l. and Youngtimers Classics assets. Studio Legale Bird & Bird acted as legal advisor for Youngtimers Asset Company and Pedersoli e Associati acted as legal advisor for Lapo Elkann. Youngtimers Asset Company AG completed the acquisition of Garage Italia Customs from Lapo Elkann on July 20, 2021.