Lighthouse / Spanish Institute of Analysts | Subgen AI, a shareholder in Substrate Artificial Intelligence (15.1%), has launched a takeover bid for 95% of the company’s share capital, with the aim of acquiring at least 5% of the share capital and expressly denying any intention to delist Substrate Artificial Intelligence.
Subgen AI is offering a payment in shares (1 share in Substrate Artificial Intelligence for 6 shares in Subgen AI Series B, listed on Nasdaq First North Growth in Sweden).
The payment in shares of a start-up (with little certainty regarding its fundamental value), the potential lack of liquidity, the minimal voting rights attached to the shares offered and, in particular, the high level of dilution make rejecting the takeover bid the most logical decision.
