Polaris IT Group finds an investor and plans to raise capital

Polaris IT Group SA, an IT company from the NewConnect stock market, has just announced the setting of the conditions for a new issue of shares, which it intends to direct to a new investor. As part of the planned issue, 2,750,000 shares will be issued at the issue price of PLN 1.50.

As mentioned in the current report, the Management Board of Polaris IT Group SA, in accordance with the Articles of Association, is authorized to conduct such an issue within the authorized capital, and then introduce the shares to trading.

„The Management Board of Polaris IT Group SA plans that the subscription will be closed by the end of August 2023. The company received an advance payment towards the capital increase in the amount of HUF 80 million (approx. PLN 950 thousand). The funds from the issue of new shares will be allocated to the working capital of the iSRV Zrt. subsidiary, within the Polaris IT Group SA Capital Group” – the current stage and further actions in the field of the issue of shares addressed to the new investor were underlined.

About Polaris IT Group SA:

Polaris IT Group SA operates as an IT service provider and consulting company in the field of information technology.

In July 2020 the Polaris IT Group SA Capital Group was established when Polaris IT Group SA acquired 100% of shares in the share capital of IAI (Industrial Artificial Intelligence Kft.), which holds 100% of shares in another Hungarian entity ISRV Zrt. At present, IAI does not conduct activities generating sales revenue, while ISRV is the company conducting operating activities on the largest scale within the Polaris IT Group SA Capital Group.

The main business lines of the Polaris IT Group SA Capital Group are artificial intelligence and the development of computer hardware and software.

Polaris IT Group SA is a company listed on the Warsaw NewConnect stock market operated by the Warsaw Stock Exchange as part of the Alternative Trading System.