FREYR Battery Announces Pricing of Upsized $230,000,000 Public Offering of Ordinary Shares

Rhea-AI Summary

FREYR Battery (NYSE: FREY) has announced the pricing of its upsized public offering of 20 million Ordinary Shares at $11.50 each, expected to raise approximately $230 million before expenses. The underwriters have an option to purchase an additional 3 million shares. Proceeds will be allocated to the ongoing construction of the Giga Arctic facilities, development of Giga America, and general corporate purposes. The offering is set to close on December 5, 2022, pending standard conditions.

Positive

• Raising approximately $230 million in gross proceeds.
• Proceeds will fund construction of Giga Arctic facilities and Giga America development.

Negative

• Share dilution risk from the public offering.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, today announced the pricing of its upsized underwritten public offering of 20,000,000 of its Ordinary Shares, without nominal value. Each Ordinary Share is being offered at a public offering price of $11.50 per share, less underwriting discounts and commissions. The gross proceeds to FREYR from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by FREYR, are expected to be $230,000,000. FREYR has granted the underwriters a 30-day option to purchase up to 3,000,000 additional Ordinary Shares at the price to the public, less underwriting discounts and commissions.

FREYR intends to use the net proceeds from this offering for (i) the continued construction of Giga Arctic facilities, (ii) development expenditures for Giga America and (iii) general corporate purposes. General corporate purposes may include the financing of FREYR’s operations or investments.

Credit Suisse, BofA Securities and Morgan Stanley are acting as book-running managers for the offering. The offering is expected to close on December 5, 2022, subject to customary closing conditions.

The offering is being made only by means of a previously filed effective registration statement (including a base prospectus) and a preliminary prospectus supplement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering, when available, may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at usa.prospectus@credit-suisse.com; BofA Securities, Inc., Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Dg.prospectus_requests@bofa.com; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. Before you invest, you should read the prospectus in that registration statement and other documents FREYR has filed with the Securities and Exchange Commission for more complete information about FREYR and the proposed offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s use of proceeds from the offering are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and in other SEC filings available on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005736/en/

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161



Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 920 54 570

Source: FREYR Battery

FAQ

What is the pricing of FREYR's recent public offering?

FREYR is offering 20 million Ordinary Shares at $11.50 per share.

How much gross proceeds is FREYR expected to raise from the offering?

FREYR expects to raise approximately $230 million before expenses.

What will the proceeds from FREYR's offering be used for?

The proceeds will be used for Giga Arctic facilities construction, Giga America development, and general corporate purposes.

When is the expected closing date for FREYR's public offering?

The offering is expected to close on December 5, 2022.