November 26, 2021 07:00 ET | Source: Enedo Plc Enedo Plc

Enedo Plc Stock Exchange will be released at 14:00 EET on November 26, 2021

Enedo Plc and Inission Ab signed a bridge loan of at least 1 million euros to solve the cash shortage problem

In the third quarter business review on October 27, 2021, Enedo Plc commented on the turnover plan and believed that Enedo Plc needs to strengthen its liquidity in order to conduct financial management and implement the turnover plan during the transition period, because it has proved to be better than expected. , Both in terms of time and finance. Enedo Plc also commented that the company is discussing loan arrangements with a number of financial institutions. By the end of the first quarter of next year, the turnover plan is estimated to cost about 4 million euros.

Enedo Plc signed a short-term bridging loan with Inission Ab today, because Enedo Plc has been in a cash-strapped state and needs to strengthen its liquidity and financial position, and complete a turnaround plan to turn into a profitable company.

The minimum amount of the bridge loan is 1 million Euros, which can be increased to 2 million Euros with the separate agreement of both parties. Negotiations for long-term planned loan arrangements are underway, and management expects to sign the agreement before the end of the financial year. The bridge loan expires after the company draws the first installment under the longer plan loan arrangement under negotiation and is repaid on demand, but not later than December 31, 2021.

Mikael Fryklund President and Chief Executive Officer

For more information, please contact the CEO, Mr. Mikael Fryklund, by phone. +358 40 500 6864.

Nasdaq Helsinki Ltd Main Media

Enedo Enedo is a European designer and manufacturer that provides high-quality electronic power supplies and systems for critical equipment, even in the most demanding environments. Enedo's mission is to make electricity better-more reliable, safer, and more energy-efficient-and to meet its purpose just right. Enedo's three main product categories are LED drivers, power supplies, and power supply systems. In 2020, the group's revenue was 38.5 million euros. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and the United States. The group is headquartered in Finland, and the parent company Enedo Oyj is listed on the Nasdaq Helsinki Oy.