MotorK Announces €12.3M Reserved Capital Increase

LONDON--(BUSINESS WIRE)--Regulatory News:

Following the Q4 and FY 23 Trading Update published on February 2, 2024, MotorK Plc (AMS: MTRK) (“MotorK” or the “Group”) announces the successful implementation of a reserved capital increase totaling approximately €12.3 million.

As part of a strategic move to strengthen its financial position and underline its unwavering commitment to the outlined growth trajectory and path to profitability, MotorK confirms a reserved capital increase of approximately 12.3 million euros.

The participants in this strategic round include 83North, Lucerne Capital Management, PROCAR Automobile, and Anfield Ltd. The company is delighted to welcome Anfield Ltd as a new cornerstone investor alongside its existing major shareholders.

This significant step not only demonstrates the confidence of existing and new investors in the company's potential, but also reinforces the strategic partners' collaborative commitment to MotorK's continued growth and success.

The reserved capital increase, based on a reference price per share of 3.00 euros, results in the issue of 4,092,592 new ordinary shares. In addition, these newly-issued shares will be subject to a 6-month lock-up period, underlining the investors' long-term vision and dedication to the Group's success.

Marco Marlia, Co-founder & CEO of MotorK said: “The success of this capital increase is a testament to the trust our investors have in MotorK's potential. We are grateful for their support as we continue our journey towards building the leading Automotive SaaS Solutions Provider in Europe .”

About the Investors

83North: 83North is a global venture capital firm with over $2.2B under management. The fund invests across all stages in exceptional entrepreneurs focused on building global category leading companies.

Lucerne Capital Management: Lucerne is an investment firm specializing in fundamental, bottom-up stock selection with a focus on European markets. The firm manages approximately $500 million in assets. Lucerne's expertise is a combination of four decades of experience in European equity research and a repeatable private equity investment style with tactical trading around value dislocations.

Anfield Ltd: Anfield is a private investment company that actively invests in the technology sector with a philosophy embedded around good people and strong partnerships. Anfield’s edge stems from its global network of people and resources and years of experience.

PROCAR Automobile: A leading auto Dealership group in Germany and the largest distributor of BMW brands in Germany.

Forward-looking information / disclaimer
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Important information
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ABOUT MOTORK PLC

MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 450 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, Belgium, the UK and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 5th Floor One New Change, London, England, EC4M 9AF - Company Registration: 9259000. For more information: www.motork.io or www.investors.motork.io.