Request for Notice to Extraordinary General Meeting for election of board members and approval of acquisition of shares in QEV Tech Holdings

On June 21, June 24 and August 5, Inzile AB (publ) (“Inzile”) announced the signing of a conditional agreement regarding acquisition of 80% of the shares in QEV Tech Holdings (“QEV Holdings”). The acquisition is subject to, inter alia, the following conditions:

  • Approval of Inzile’s shareholders at an extra shareholders’ meeting
  • Approval of Nasdaq First North Growth Market (“Nasdaq”), with the exemption or no need for a takeover bid/tender offer

On August 17, Inzile announced that Nasdaq does not have to approve the acquisition.

On August 23, Inzile announced that four board members resigned from the board. The following day it was announced that 50.42% of the shareholders in Inzile have signed a formal request that the board issues a notice for an Extraordinary General Meeting, according to the Swedish Companies Act.

Under the current circumstances, when the company does not have a competent board, and following consultation with legal counsel and the Swedish Companies Registration Office regarding the formal process to issue a notice, the remaining board member, Ragnar Åhgren, has handed in a formal request to the Swedish Companies Registration Office and asked the Swedish Companies Registration Office to issue the notice for the Extraordinary General Meeting. The agenda of the meeting will cover the following topics:

  • Election of board members
  • Approval of acquisition of shares in QEV Holdings
  • Authorisation for the board of directors to resolve on an issue of shares

Inzile plans to publish more information about the acquisition before the Extraordinary General Meeting. 

About the acquisition

At the Extraordinary General Meeting, Inzile will propose that new shares are issued in order to allow the international electromobility group eFashion Championship PTE Ltd (“eFC”) to acquire 63% of the shares of Inzile. eFC is the owner of 100% of the shares of QEV Holdings and Enrique Bañuelos de Castro is the owner of 100% shares in eFC. Enrique Bañuelos de Castro is a businessman with proven extensive worldwide experience, among others within the electromobility and finance sectors.

The purpose of the acquisition to establish a leading European hub for electric vehicles and to secure necessary resources for a global expansion. The purpose is also to provide access for Inzile to important sales channels and resources for capital.

As previously announced on Monday June 28, Inzile has received a conditional order from eFC including 96 electric competition hypercars ("eFC cars"). The total order value is MEUR 80 and Inzile will take care of project management of the order while QEV Technologies will be responsible for development and production of the eFC cars. QEV Holding is the owner of 19,64% of the shares in QEV Technologies. The acquisition and order results in possible revenues for Inzile in order to start the production of eFC cars that will be produced within 12 months time. QEV Technologies is a leading company within the area of electric car championships. QEV Technologies has established a solid technology platform and QEV Holdings and Inzile will have preferential access to this platform when expanding globally. Hence, the acquisition also results in access to special know-how and expertise about production of unique electric vehicles.

Furthermore, QEV Holdings has a business division for production of electric cars for the Hotel and Resort segment. Within this business area, QEV Holdings has established a joint venture with a large international hotel chain in order to develop special electric vehicles for hotels and resorts and to develop mutual business opportunities related to tourism transportation. As announced on August 5, Inzile is also part of this development project, which is supported by the United Nations World Tourism Organization (UNWTO).

As communicated on August 5, 2021, the management of Inzile as well as its operations will remain in Sweden. Sales within the merged entity will also be channeled through Inzile.

For more information:

Ragnar Åhgren, main shareholder & Chairman of the Board, ragnar.ahgren@inzile.com, +46 73 356 89 89