Sin Cars Industry to vote on various types of capital increases

Sin Cars Industry to vote on various types of capital increases

Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said it will ask its shareholders at an upcoming general meeting to vote on various types of capital increases, including the exercise of warrants.

The proposed amendments will seek to enable Sin Cars Industry to increase its capital by issuing new ordinary or preferred shares, converting retained company earnings into shares, converting bonds into shares and issuing new shares by exercising warrants, the company said in a bourse filing on Wednesday.

The changes in Sin Cars Industry's articles of association will be put forth to a shareholder vote on April 27.

If voted through, some of the amendments will also allow the board of directors to increase the capital of the company to a total of 100 million levs ($56.3 million/51.1 million euro), within five years of being adopted. The board will also be able to approve one or more issuances of shares or convertible bonds, not exceeding the above-mentioned amount.

In case of a capital increase in which only members of the board of directors and company employees participate, the issued shares would not exceed 10% of the capital of the company, Sin Cars Industry said.

The Ruse-based EV manufacturer began trading on the BEAM market segment of the Bulgarian stock exchange in July 2021.

Sin Cars Industry is working on identifying clients and partners for the commercialisation of its light electric truck model L CITY and a road version of its electric sports car SIN R1, according to an earlier statement on its website.

Shares in Sin Car Industry closed 2.86% higher at 0.72 levs apiece on the Bulgarian Stock Exchange on Thursday.

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