Sovelmash funding is coming to an end: what comes next for investors
SOLARGROUP supports Sovelmash's announced decision to bring the project's funding to a close.
We understand investors' concerns following the latest public statements. Project participants now need clarity on how the funding will be concluded, what will happen to existing installment plans, and how the receipt of shares will be organized.
The funding must be concluded in an orderly manner. SOLARGROUP has worked to attract investors and organize the funding, so we will prepare a procedure for bringing this process to a close, notify participants of the timeframes and terms in advance, and allow payments under existing installment plans to continue.
The conclusion of funding does not mean the end of our work with investors. The registration and transfer of shares to Russian and foreign project participants still lie ahead. This work will require time, legal preparation, and resources.
Three areas must be addressed before moving on to the next stage.
1. Procedure for registering and transferring shares. Agree on the sequence for valuing the company, carrying out the required corporate procedures, and formalizing investors' rights, as well as define the timeframes and responsible parties for each stage.
2. Ensuring continued work with investors. Define the budget and funding sources for legal support, operation of the personal account, data records, and participant support until the transfer of shares is complete.
3. Commercial development of the company. Negotiations with industrial partners are currently underway. If their outcome requires modifications or additional equipment for the company, the scope of work, cost, and funding sources will need to be determined separately. At this point, these are only potential needs whose parameters have yet to be established.
Our position is to complete the fundraising process step by step, continue working with investors until their rights to securities are formally registered, and establish a process for generating profit while ensuring the uninterrupted operation of the entire system. A separate area of work is assisting with attracting customers and developing the company's commercial activities.
A video answering all the key questions raised by investors in the project and platform groups will be published soon.
*The translation is done with the help of artificial intelligence.