Answear.com will issue shares for the development of the PRM brand

Answear.com, a leading e-commerce offering fashion and home&lifestyle products in the region of Central and Eastern Europe, has obtained the approval of the Company's General Meeting to issue no more than 1 million new L series shares through a public offering exempt from the obligation to publish a prospectus. The shares will be offered with the exclusion of pre-emptive rights for existing shareholders. The issue price will be determined based on the results of the book-building process, and its maximum amount will not exceed PLN 29 per share. The funds raised will be allocated to the development of the PRM brand.

- We want to invest in the development of the PRM brand because we hope that it will be one of the driving forces behind our business in the near future. The premium sneakers & streetwear segment is extremely attractive to us due to the opportunity to reach new customers with high purchasing power, as well as generate high margins resulting from a high average order value. The PRM brand complements Answear very well, we see many synergies in the product and operational areas of both businesses - comments Krzysztof Bajołek, President of the Management Board of Answear.com.

Answear.com will offer no more than 1 million new series L shares to investors selected by the Company's Management Board through a public offering exempt from the obligation to publish a prospectus. The maximum price has been set at PLN 29 per share, which means that the maximum value of the issue may amount to PLN 29 million. . The final issue price will be determined during the book-building process.

Pursuant to the issue resolution adopted at the General Meeting of the Company, Answear.com shareholders will have a priority right, entitling them to take up shares in the offer before other investors, in a number enabling them to maintain their share in the share capital, at the level as on the date specified in the resolution, with the possibility of taking up additional shares. on the terms specified in the resolution of the General Meeting. It is worth adding that the main shareholder of Answear.com - Forum

- We decided to issue it to selected investors without the need to prepare a prospectus, due to the speed of the transaction and the possibility of raising capital in a relatively short time. We intend to use the funds to expand the product offer, open and develop operations in new markets for the PRM brand, as well as marketing expenses related to acquiring new customers and rebranding - adds Jacek Dziaduś, Vice-President of the Management Board for Finance of Answear.com.

Answear.com's experience gathered from 11 markets should significantly facilitate and accelerate the process of internationalization of the PRM brand. By the end of the year, the Company intends to launch sales on other foreign markets where the organized part of the company operated before its takeover by Answear. In the coming years, expansion into new markets is planned, as well as opening showrooms in the largest capitals in the CEE region.