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New listing of TRIGGO S.A. on NewConnect

TRIGGO S.A. was newly listed on the NewConnect market on 15 November 2021.

TRIGGO S.A. is the 376^th company listed on NewConnect and the 27^th new listing on NewConnect in 2021.

Key information

*at the reference price of PLN 138, set at the issue price of Series C7 shares offered in the public offering.

Issuer’s history and business

Triggo S.A. was established in 2015. The Issuer’s activity is focused on the construction of an electric city vehicle “Triggo” which combines the advantages of a passenger car and a two-wheeler. The very concept of the product/vehicle Triggo, conceived by Rafał Budweil, President of the Management Board of Triggo S.A., was created much earlier, in 2010.

A key feature of the Triggo electric vehicle is variable geometry suspension. This allows the overall width of the vehicle to be reduced when manoeuvring at low speeds while ensuring safe stability when driving faster. Thanks to these features, the Triggo is able to navigate in heavy urban traffic and ensure easy parking, which thus far was only possible with two-wheelers. Unlike the latter, however, the Triggo offers safety, convenience and practicality hitherto reserved for cars.

The first prototype of the vehicle was created in July 2017. The vehicle has since been presented in successive versions at numerous trade fairs and automotive events, winning awards and accolades. In May 2020, three copies of the next series of the vehicle were completed and road tests began. In July 2021, the first copy of the pre-production series of the vehicle was completed in cooperation with AMZ Kutno. The Company intends to commission the production and deploy 30 vehicles as a pilot, which will be tested on public roads. According to the Company’s plans, 12 copies of the pilot series are to be produced by the end of 2021.

The research and development work carried out by the Company has brought the product to a stage of readiness for commercialisation. The Company’s market strategy covers the generation of three main revenue streams from a number of international markets. The main buyers of the Company’s products are to be operators of platforms for automatic rental of means of transport within the broadly defined Mobility-as-a-Service (MaaS) market. The second source of revenue included in Triggo S.A.’s financial plan is the provision of MaaS services within its own platforms located in the most commercially attractive metropolitan areas. As the owner of intangible rights to the product, Triggo S.A. can grant licences for the production deployment and sale of its products, especially in markets which are remote and difficult to develop directly. Revenues from licensing fees are expected to be Triggo S.A.’s third source of revenue. As of the Document Date, the Issuer is not ready to start serial production of Triggo vehicles.

As at the day of preparing the information document, the Issuer’s team consists of more than 25 employees: mechanical engineers, automation engineers, software engineers and scientists, who continue to work on the vehicle’s construction. The team is headed by the inventor of the solution and the company’s founder Rafał Budweil. His knowledge is supported by the experience of Professor Anna Boczkowska (a specialist in composite materials) and Professor Krzysztof Falkowski (specialising in automation, control systems and steering). The other members of the team are engineers with scientific and practical backgrounds.

As part of the work on the vehicle, the Company is cooperating with a number of entities connected with the automotive industry including, among others, control software, production of composites for the construction of the body, and commissioned assembly of the pilot series of vehicles.

As a result of the recent public issue of C7 series shares, the Issuer raised a net amount of approximately PLN 5.9 million. The amount of proceeds from the Offering will ensure financing of all objectives of the issue related to the implementation of production, which is planned for 2021-2023:

• construction of a pre-production series of Triggo vehicles, an international pilot programme and promotion – PLN 3.4 million;
• obtaining European type approval L7e-CP and development of type approval version L5 – 1.5 million
• further preparatory and design work – PLN 1 million.

Copies of the pilot series will be made available for testing to selected pilot partners who are potential buyers or licensees of the first serial production batch in Singapore, the UK and California.

Selected financial data of the Issuer:

Shareholding structure of the Company

• Rafał Budweil - 697,586 shares representing 44.75% of the capital and votes at the General Meeting;
• Anna Apel - 171,430 shares representing 11% of the capital and votes at the General Meeting;
• Wojciech Apel - 171,430 shares representing 11% of the capital and votes at the General Meeting;
• Other related shareholders - 7,600 shares representing 0.49% of the capital and votes at the General Meeting;
• Other unrelated shareholders - 510,824 shares representing 32.77% of the capital and votes at the General Meeting;

Financial instruments newly listed on NewConnect:

• 1,000,000 series A1 shares;
• 75,000 series B1 shares;
• 25,000 series B2 shares;
• 165,000 series C1 shares;
• 50,000 series C2 shares;
• 108,740 series C3 shares;
• 50,070 series C4 shares;
• 32,260 series C5 shares;
• 7,300 series C6 shares;
• 45,500 series C7 shares;

The application covers all shares issued by the Issuer.