Dentons advises Pyrum Innovations on €13 million capital increase

Frankfurt-Global law firm Dentons has advised Pyrum Innovations AG on a €13 million capital increase against cash contributions with shareholder subscription rights. A total of 473,846 new shares were placed at a subscription price of €27.50 per new share. Existing shareholders subscribed to 451,846 new shares by way of an indirect subscription right, while 22,000 new shares were placed with qualified investors as part of a private placement. The subscription offer to existing shareholders benefitted from the simplified procedure for secondary issuances introduced by the EU Listing Act and was thus made without a securities prospectus on the basis of an 11-page information document containing the information specified in Annex IX of Regulation (EU) 2017/1129.

Pyrum is considered a pioneer in the field of green technology, sustainably recycling old tires using its innovative pyrolysis technology. Based in Dillingen in Saarland, the company develops, builds, and operates plants that convert old tires, rubber, and plastic waste into high-quality raw materials such as oil, gas, and coke. Long-term purchase agreements are in place with Continental, Schwalbe, and BASF among others.

The proceeds from the capital increase will be used for investments at the Dillingen/Saar site and for joint ventures related to new plants. Furthermore, they will strengthen the equity capital of the subsidiary GreenFactory II GmbH, which is currently building and operating an additional plant in Perl-Besch.

The new shares will be included in the existing listing for trade on the Frankfurt Stock Exchange's Scale segment and the Oslo Stock Exchange (Euronext Growth).

On the banking side, the transaction was supported by Baader Bank Aktiengesellschaft.

Dentons has advised Pyrum on an ongoing basis on stock corporation and capital market law issues for the past four years, including its IPO in Oslo, its dual listing on the Frankfurt Stock Exchange, and past capital measures.

Advisors to Pyrum Innovations AG:

Robert Michels (Partner) and Greta Gauch (Counsel, both lead), Dr. Robert Weber (Partner), Valeria Hoffmann (Counsel) and Dr. Milan Schäfer (Associate, all Corporate/Capital Markets, all Frankfurt)

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