First4Progress S.p.A. (“F4P”) is a Search Investment Vehicle (“SIV”) incorporated in Italy and promoted by First Capital S.p.A., Capital For Progress and CFO SIM (the “Founders”), three financial institutions with an important track record of investing in domestic small and medium-sized enterprises (“SMEs”).
An SIV aims to integrate (“Business Combination”) with an operating company (“Target”) by contributing capital and promoting its listing on a stock market.
Its main characteristics are:
- FP4 is a private company: the shares are initially unlisted and subscribed only by Founders;
- Listing will take place later and only in case of Business Combination
- No warrants have been issued and there is only one category of shares
- Investors subscribe convertible bonds
- Business Combination takes place only if the majority of investors agree to convert their bonds into shares
- There is no right of withdrawal for bondholders who do not convert to the Business Combination: they remain bondholders until the maturity of the bond. They can convert thereafter, but at an increasing value per share over time.
F4P’s convertible bonds have been admitted to listing on the Vienna MTF, a multilateral trading system operated by the Wiener Börse (ISIN code IT0005453029).
Consequently, F4P is subject to some provisions of the Market Abuse Regulation: this website contains all the information about it,
Please be advised that for all documents the Italian text is the only legally binding version.
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