The general meeting to approve the business combination will be held in February 2019
Antares Vision and ALP.I SPAC have reached an agreement for the two companies to merge. The rationale for the merger is to provide support for and accelerate the growth path undertaken by Antares Vision from its inception to the present day. ALP.I will invest €70m, taking an approximately 12 per cent stake post-acquisition in the Brescia-based firm. The general meeting to approve the business combination will be held in February 2019.
Also, in agreement with Antares Vision and its shareholders, it has been decided to keep the number of warrants and conversion shares unchanged for investors, despite the 30 per cent reduction of the ALP.I investment (which usually would have led to a pro-rata reduction in the warrants), thereby increasing the leverage in favour of each ordinary investor.
Emidio Zorzella, Chairman of the Board of Directors and CEO, Antares Vision, said, “This deal represents another step on our path to growth. Today, after consolidating our business development plan, we are looking to bolster our financial structure which is why we have chosen a partner of the excellence of ALP.I and its promoters. We believe strongly in our business mission, and with this merger we are confident we can improve our appeal and our positioning on the market. Technology is an important driver in economic and cultural change and it is vital to continue the innovation process to drive further success in the future.”
Roberto Marsella, Chairman of the Board of Directors, ALP.I, said, “We are grateful to Emidio Zorzella and Massimo Bonardi, the founders of Antares Vision, for the confidence they have shown in ALP.I, and support the company’s business development with enthusiasm and conviction. We believe Antares Vision is an ideal candidate for a successful IPO, in line with the best listings seen in recent years, on the back of the management’s clear strategic vision and solid global competitive positioning in a strongly expanding niche technology segment. The significant changes we have made to the structure and process of ALP.I reflect our conviction regarding the quality of the Antares Vision project, and at the same time seek to provide concrete answers to specific market requirements.”