Avantium has launched a €55.45 million rights offering. The Dutch company says the money will cover a working capital shortfall and fund the ramp-up of its FDCA Flagship Plant in Delfzijl. FDCA is the building block for PEF, a renewable plastic.
Existing shareholders get 4 new shares for every 3 rights held. The issue price is €1.65 per share. That is a 42.7% discount to the theoretical ex-rights price. The exercise period ends on 10 November.
The offering is fully committed and underwritten. Shareholders and cornerstone investors have pledged €13.41 million, about 24.2% of the total. The Dutch state, through INNL, is among them. Invest-NL, ABN AMRO, BNP Paribas and Stifel underwrite the rest.
Avantium faces a shortfall of about €33 million over the next 12 months. Its prospectus warns the group is in financial distress. It says insolvency is likely if the offering fails. The company blames delays at the plant, which pushed back sales and licence income. A titanium weld repair programme added about €7 million in capital costs.
The plant has produced its first FDCA. Avantium expects first commercial deliveries toward the end of 2026. It reports 23 offtake agreements and 17 capacity reservation agreements for future licensed plants.
CEO Tom van Aken said the plant’s output validates the company’s YXY technology. He described the offering as part of a wider financing plan.
That plan includes a proposed €20 million loan from NOM, a regional development agency in the northern Netherlands. The loan depends on several conditions, including completion of the offering and government approvals. Lenders have also agreed conditional amendments to €111 million in debt facilities.
