On 17 May Archimede SpA ("Archimede") obtained from Borsa Italiana (the Italian Stock Exchange) the decree of admission to negotiation on AIM Italia - Alternative Capital Market, with first trading day on the 21 May 2018. The IPO process for Archimede's ordinary shares - with linked warrants - has been successfully closed with an amount of USD 55 million.
Such a result has been reached with a demand, coming both from Italian and international investors, overcoming USD 70 million, more than the maximum collection target that was set at USD 55 million.
At the first trading date, Archimede's promoters will own special shares amounting Euro 1.000.000 (100.000 special shares without voting rights, convertible into ordinary shares upon conditions and following ways set in the corporate bylaws).
With reference to the specific position of Andrea BATTISTA, for his ordinary shares a 36 months lock-up period is foreseen after each conversion tranche.
Archimede is the new Special Purpose Acquisition Company cofounded by Andrea BATTISTA, Matteo CARBONE and Gianpiero ROSMARINI. "In a not simple market context, investors' demand reached and overcame the best expectations, both in quantitative and in qualitative terms. I thank everybody for the trust that they demonstrated by subscribing Archimede's offer. The reached collection positions us among the first positions in the European ranking for funding of insurtech-based initiatives." - said Andrea BATTISTA, Executive Chairman of Archimede - "The way ahead is still long but from this result we've to extract renewed energy and confirmed determination in order to quickly complete the business combination in line with the announced plans."
The objective of the project is - also through the business combination and upon the obtaining of the required regulatory approvals - the set-up of an Insurance Company insurtech-based which, leveraging on the specific successful managerial and entrepreneurial track-record of the proponent-team and of the management team, generates:
- the strengthening and profitable growth in the reference segment of the insurance company deriving from the business combination;
- an independent non-life bancassurance platform;
- distinctive service capacity for innovative insurance distribution networks;
- a full employment of insurtech innovation in all insurance processes (pervasive insurtech).
The Board of Directors of Archimede is composed by Andrea BATTISTA (Executive Chairman), Gianpiero ROSMARINI, Dario TREVISAN, Mayer NAHUM (Independent Board Member) e Carlotta De FRANCESCHI (Independent Board Member).
UniCredit Corporate & Investment Banking acted as Global Coordinator and Bookrunner. Banca Finnat Euramerica S.p.A. acted as Nomad for the admission and Co-Lead Manager and acts, also, as Nomad for trading and Specialist.
Archimede and its Promoters have been assisted by the Law Firm Trevisan & Partners while the banks by Gianni, Origoni, Grippo, Cappelli & Partners.
KPMG S.p.A. has been appointed as independent auditor.