Shelly Group AD
Shelly Group: Successful placement of shares with participation of BIT Capital for targeted increase in free float

Shelly Group: Successful placement of shares with participation of BIT Capital for targeted increase in free float

Sofia / Munich, 14 June 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has been informed by two of its major shareholders and members of the Board of Directors of an OTC placement of a total of 500,000 shares from their respective holdings. Dimitar Dimitrov, co-CEO and co-founder, and Svetlin Todorov, responsible for the US business and co-founder, were responding to the strong interest in the company’s shares. In an oversubscribed private placement, shares totaling around 2.7% of the company’s share capital were placed with various institutional investors, including the BIT Global Internet Leaders 30 Fund of BIT Capital. Dimitar Dimitrov and Svetlin Todorov remain major shareholders of the company with shareholdings of approx. 30.33 % and approx. 29.39 % respectively and continue to fully support the development of Shelly Group.

Following the admission to trading on XETRA as the first Bulgarian company, the placement of shares of the major shareholders is an essential component of the Company’s capital market strategy. In the medium term, the Shelly Group aims to meet the key qualification criterion of market capitalization of freely tradable shares for inclusion in the SDAX. The total market capitalization of all Shelly shares now amounts to around EUR 650 million. The SDAX comprises the 70 largest companies by market capitalization below the MDAX and DAX in Deutsche Börse’s index family.

Wolfgang Kirsch, Co-CEO of Shelly Group, explained: “Shelly Group welcomes the placement of a partial amount of shares of its co-founders Dimitar Dimitrov and Svetlin Todorov. As before, this placement was carried out with prudence and was primarily intended to further increase the liquidity of Shelly shares in trading through a targeted increase in the free float. The commitment of Jan Beckers and his BIT Global Internet Leaders 30 Fund is a true recognition of the hard work our team has put in over the past quarters and years.”

Dimitar Dimitrov, Co-CEO of Shelly Group, added: “We are very proud to have attracted one of the most successful tech investors in Europe and see this as confirmation of our assessment of Shelly’s promising perspectives. With this in mind, it is certainly understandable that the placement is bittersweet for me. In view of our goal of being the first Bulgarian company to be included in the SDAX, I am convinced that this step is in the best interests of the company and its shareholders.”

Jan Beckers, CIO and founder of Bit Capital: “We have been watching the development of the Shelly Group from the sidelines for some time and have now had the opportunity to analyze the Company thoroughly in Germany and Bulgaria. It was impressive to see what the Shelly team has built up within 6 years and we believe there is a lot of potential for profitable growth in the Smart Home and IoT market. We look forward to accompanying the Shelly Group as an investor and are eager to follow the Company’s future development.”

Small & Mid Cap Investmentbank AG acted as Sole Global Coordinator, Montega AG as Selling Agent.

About BIT Capital

As an owner-managed, independent asset manager specializing in technology equity funds, BIT Capital focuses on the most promising technology sectors and the world’s leading companies in these areas. The long-term, actively managed investment strategies cover the entire spectrum of the technology industry, including artificial intelligence (AI) and the crypto ecosystem, and enable investors to benefit at any point in time from both the mass market viability of established technologies and the high development potential of emerging technologies such as AI and their leaps in adoption. The team brings together financial market experts, sector specialists, data engineers, software developers and digital entrepreneurs. BIT Capital’s investment approach is characterized by the experience of the team around founder and CIO Jan Beckers. In the course of his entrepreneurial career, Jan Beckers has founded and built up more than 10 technology companies in various industries. In 2014, he was honored as EY Entrepreneur Of The Year. BIT Capital is an asset management company regulated by the German Financial Supervisory Authority BaFin.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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