Spinnova welcomes adidas as a cornerstone investor in spinnova’s contemplated initial public offering
Press Release 10 June, 2021
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SPINNOVA WELCOMES ADIDAS AS A CORNERSTONE INVESTOR IN SPINNOVA’S CONTEMPLATED INITIAL PUBLIC OFFERING
Through this commitment adidas intends to secure access to significant volumes of SPINNOVA® material
Sustainable textile material company Spinnova today announces that adidas has agreed to invest in Spinnova’s contemplated initial public offering. Spinnova has an ongoing joint development collaboration with adidas, which is a significant factor in Spinnova’s commercial scaling.
Upon Spinnova’s recently announced, contemplated initial public offering and listing on the Nasdaq Helsinki First North Growth Market, the global sportswear brand adidas has agreed to become one of the cornerstone investors. adidas has committed to irrevocably, on similar terms and subject to the same customary conditions as existing cornerstones, to subscribe for EUR 3 million in the contemplated offering.
Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and involves minimal CO2 emissions and water use.
– With Spinnova’s scalable technology platform that can make textile fibre out of abundantly available, renewable materials such as wood and agricultural waste, and provide full recyclability and quick biodegradability, we feel we are an ideal match with the ambitious and pioneering adidas sustainability strategy, says Spinnova’s CEO and co-founder Janne Poranen.
Through the today announced commitments, adidas intends to secure access to significant volumes of SPINNOVA® materials in the future. Spinnova is in the process of building its first commercial factory in Finland, with strategic partner and wood raw material supplier Suzano, as well as building a pilot facility for fibre production out of leather waste with ECCO’s sister company KT Trading.
Spinnova recently announced capacity ambitions beyond the first facility, intending to scale up the wood-based fibre production to one million tons by 2031.
Spinnova’s cornerstone investors, certain funds managed by entities owned by Aktia Bank plc, certain funds managed by WIP Asset Management Ltd, certain funds managed by DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, certain funds managed by Pareto Asset Management, certain funds managed by Sp-Fund Management Company Ltd and adidas Ventures B.V., have in total, subject to certain customary conditions, committed to subscribe for shares in the Company amounting to EUR 58 million in the contemplated Offering at a pre-money equity value of up to EUR 275 million and conditional upon that the Company raises gross proceeds of at least EUR 100 million from the Offering.
Full terms, conditions and instructions for the contemplated IPO will be included in the prospectus that will be prepared by Spinnova in connection with the contemplated IPO. Should the Company decide to proceed with the IPO, the prospectus will be published on the Company’s website at www.spinnovagroup.com/ipo.
CEO & Co-founder, Spinnova
+358 400 138 711
Head of Communications, Spinnova
+358 400 903 260
SPINNOVA – Sustainable textile materials, naturally.
Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste streams.
Spinnova has been awarded e.g. World Changing Idea and Innovation by Design by the Fast Company, as well as Sustainability Achievement of the year by the ISPO and Scandinavian Outdoor Awards twice and chosen Best Material of the Monocle Design Awards 2021.
The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Canada, New Zealand, Australia, Japan, Hong Kong, Singapore or South Africa. The information contained herein does not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States. Spinnova Plc (the “Company”) does not intend to register any portion of the offering in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or to offer securities to the public in the United States.
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The Company has not authorized any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area other than Finland. With respect to the United Kingdom and each Member State of the European Economic Area other than Finland and which applies the Prospectus Regulation (each, a “Relevant Member State”), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in Relevant Member States (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purposes of this paragraph, the expression an “offer of securities to the public” means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities. The expression “Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended.
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Full terms, conditions and instructions for the contemplated initial public offering will be included in the prospectus that will be prepared by Spinnova Plc in connection with the contemplated initial public offering. Should the Company decide to proceed with the initial public offering, the prospectus will be published on the Company’s website at www.spinnovagroup.com/ipo.
Any offering to subscribe for the securities referred to in this communication will be made by means of a prospectus that will be provided by Spinnova Plc pursuant to an approval by the Finnish Financial Supervisory Authority and containing detailed information about the Company and management, as well as financial information. This communication is an advertisement and not a prospectus for the purpose of the Prospectus Regulation. Investors should not acquire any securities referred to in this communication except on the basis of information contained in a prospectus. Any approval and registration by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities that are the subject of the prospectus.
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