Share capital increase from new US subsidiary completed as planned
Engenavis Inc., Delaware/USA, is now 100% subsidiary of iQ Power Licensing AG
Zug, Switzerland, 08 November 2018 – iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of green technologies for mobile power solutions and licenses in these technologies, announces the registration of the remaining shares from all individual Engenavis shareholders in exchange for shares of iQ Power Licensing AG.
On October 2, the first batch of the capital increase approved at the Annual General Meeting (AGM) of September 28 were registered. In this first batch, 12’976’311 Engenavis shares were exchanged for 285’478’842 iQ shares, which resulted in a share capital of CHF 6’273’497.38 and 627’349’738 issued shares.
On November 8, the second batch of the capital increase approved at on the AGM of September 28 were registered. In this second batch, 2’682’279 Engenavis shares will be exchanged for 59’010’138 iQ Power Licensing shares. After the second registration iQ Power Licensing will have a share capital of CHF 6’863’598.76 and a total of 686’359’876 shares issued and outstanding.
Shareholders who previously owned Engenavis shares, will then own 344’488’980 iQ Power shares, representing 50,2% of total outstanding shares of iQ Power Licensing.
The new Engenavis subsidiary brings additional technologies to iQ Power Licensing. Most significant of their product portfolio are a waste to energy and vehicle anti-idling technologies. The valuation, which was performed by an expert US appraisal company, shows a risk discounted value of approximately USD 88 million for Engenavis Inc. The new technologies reduce the risk profile of iQ Power Licensing, while multiplying the earnings potential.