Tallinn/Riga/Vilnius, Nasdaq Baltic Market, June 28, 2022 – Nasdaq (Nasdaq: NDAQ) announces that shares of Cleveron Mobility (ticker: CLEV) have been admitted to trading on the Nasdaq Baltic First North Market by Nasdaq Tallinn as of today, June 28. Cleveron Mobility is an Estonian company developing and manufacturing autonomous robot couriers.
The listing of the Cleveron Mobility shares follows the initial public offering to Estonian investors. Based on demand for the shares of EUR 5.06 million, the offering was slightly oversubscribed. A total of 6,734 investors subscribed to the shares.
“We are glad to see the will and courage of Estonian entrepreneurs to bring their companies to the public market has been increasing steadily. Cleveron Mobility now has more than 6,700 co-owners who will be a part of the new chapter in the company’s growth story,” said Kaarel Ots, CEO of Nasdaq Tallinn stock exchange.
Sander Sebastian Agur, CEO of Cleveron Mobility, said the company is in a strong growth phase and they decided to raise capital from the home market first to achieve their goals. “First North, in a relatively short period of time, allowed us to reliably list the company and provide liquidity to its employees in the future, while giving new investors the opportunity to benefit from the growth of our company,” commented Agur.
Agur added that the capital will be used primarily for technology development and entering foreign markets. “We invest the most in software development in order to achieve the highest possible vehicle autonomy as soon as possible, which is a prerequisite for the operation of the business model and enables the scaling of services,” said Agur.
The law firm Eversheds Sutherland Ots & Co advised the company in the listing process and serves as the certified adviser for Cleveron Mobility on the First North market.
Cleveron Mobility produces new generation autonomous vehicles with the aim of making the delivery of goods to end consumers as efficient and environmentally friendly as possible. The target customers of Cleveron Mobility are mainly companies that transport different goods to end consumers – i.e. the companies that operate as ‘last mile delivery’ service providers.
Nasdaq First North Market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.
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