- Transaction amounts to a total purchase price of up to
EUR 10 million over the next two
months
- Acquisition expected to increase the CEOs stake to more than
8.0% of Northern Data Group's share capital. Purchase follows a
successful H1, achieving revenue of EUR 55 million, up
49% YoY, with the Group set to achieve 200% YoY
revenue growth by FY 2024
- Demonstration of CEO confidence in Northern Data Group's
achievements and investment strategy
FRANKFURT, Germany, Aug. 15,
2024 /PRNewswire/ -- Northern Data AG (ETR: NB2)
("Northern Data Group" or "the Group") today announces that
Northern Data Group's CEO Aroosh Thillainathan has placed
another irrevocable standing order to acquire additional shares in
Northern Data Group for a total of up to EUR 10 million in the
period from 16 August 2024
(inclusive) to 15 October 2024
(inclusive).
This transaction demonstrates his continued confidence in the
direction of the Group and its plans to scale and deliver long term
financial success, emphasising his commitment to the
business.
The order is for a total of up to EUR 10
million, with Mr. Thillainathan purchasing the shares via a
preset purchase plan agreement, which has been placed with a broker
as an irrevocable standing order. To the extent the purchases are
made via the stock exchange, the maximum volume of the daily
purchases on the stock exchange may not exceed 25% of the average
daily XETRA trading volume of the company's shares on the Frankfurt
Stock Exchange on the 20 trading days prior to the respective
purchase date. If the trading volumes allow, the order has to be
fully executed within the two-month period. The purchases will be
publicly disclosed regularly. The order has been placed via ART
Beteiligungs Management GmbH ("ART"), the family office of Aroosh
Thillainathan, which is 100% owned by him.
The Group recently reconfirmed it is on track to
deliver full year 2024 revenue of EUR200 million–EUR240 million, tripling that of
2023, and supporting the Group's expectations of revenues of
EUR520 million–EUR570 million in
full-year 2025.
Mr. Thillainathan's current (direct and indirect) stake in
Northern Data Group amounts to 3,823,806 shares, corresponding to
approx. 7.15% of the Group's current share capital in the amount of
EUR 53,497,231, which is divided into 53,497,231 shares.
Following registration of the full implementation of the
recently announced capital raise, corresponding to 20% of the
existing share capital, which is expected within the next weeks and
set to finance further strategic investments within the Group (the
"Capital Increase"), the share capital of the Group will increase
to EUR 64,196,677, divided into 64,196,677 shares.
Mr. Thillainathan's stake in Northern Data Group is thereby
expected to increase to more than 8.0% of Northern Data Group's
share capital, post full implementation of the recently announced
capital increase of 20%.
Aroosh Thillainathan, Founder and CEO,
Northern Data Group, commented:
"Throughout this year we have invested strategically across
the business, building the foundations for continued commercial
success, and as we look ahead to 2025 the path is clear. I am
confident in the strategy we have in place and today's transaction
further enforces my commitment to the business and our
team.
We are focused on sustainable, predictable, repeatable
growth, and delivering financial success in the long-term. We will
continue to break boundaries and with some big milestones coming up
very soon, I'm excited for what is ahead."
About Northern Data Group:
Northern Data Group (ETR: NB2) is a leading provider
of High-Performance Computing (HPC) solutions to businesses and
research institutions, utilizing GPU- and ASIC-based solutions. Our
flexible compute power fuels innovation in our three core business
platforms: Taiga Cloud, Ardent Data
Centers, and Peak Mining. Through our HPC solutions, we pioneer
ambitious computing innovation that drives progress in the AI, ML
and Generative AI industries. Our close collaboration with
industry-leading manufacturers including Gigabyte, AMD, and NVIDIA
is fundamental to the acceleration of innovation across sectors
including life sciences, financial services, and energy.
Disclaimer:
This IR release contains forward-looking statements. These
statements are based on the current views, expectations,
assumptions and information of the management, and are based on
information currently available to the management. Forward-looking
statements shall not be construed as a promise for the
materialisation of future results and developments and involve
known and unknown risks and uncertainties. Actual results,
performance or events may differ materially from those described in
such statements due to, among other things, changes in the general
economic and competitive environment, risks associated with capital
markets, currency exchange rate fluctuations, changes in
international and national laws and regulations, in particular with
respect to tax laws and regulations, affecting the Company, and
other factors. Neither the Company nor any of its affiliates
assumes any obligations to update any forward-looking
statements.
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