Natuzzi S.p.A.: To Face Current Extraordinary Challenges, the Majority Shareholder Undertakes to Make Advance Payments to Satisfy the Subscription Price of a Future Rights Issue
Natuzzi, S.p.A. (NTZ)
US:NYSE Investor Relations:
natuzzigroup.com/en-en/ir/investors.html
Company Research
Source: Business Wire
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--Natuzzi S.p.A. (NYSE:NTZ):In response to the recent developments related to the coronavirus epidemic, the Group has been implementing a set of actions to mitigate the impacts on production levels and cash flow, including the overall revision of operating expenses, the deferral of some investments and the shift of part of the production from the plant located in Shanghai to other plants within the Group.In light of the current extraordinary challenges faced by the Group, on February 28, 2020, the majority shareholder of the Company entered into an agreement with the Company setting forth its undertaking, upon request of the Company, to make advance payments of up to €15.0 million to satisfy the subscription price of a future rights issue. On February 28, 2020, the Company requested an initial payment of €2.5 million which has been executed on March 2, 2020.The agreement further provides that any such advance payments are subject to
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