Gleiss Lutz has advised Northern Data AG on a cash capital increase resolved by its management and supervisory boards on 15 July 2024. Prior to that, Gleiss Lutz assisted Northern Data with its Annual General Meeting of 6 May 2024.
The company’s share capital is to be increased by 20%, excluding the shareholders’ statutory subscription right in accordance with section 186(3), sentence 4 Stock Corporation Act (Aktiengesetz, “AktG”) as amended by the Future Financing Act (Zukunftsfinanzierungsgesetz, “ZuFinG”). The measure will be carried out by issuance and private placement of 10,699,446 new no-par value bearer shares against cash contribution at an issue price of EUR 20.00 per share, making partial use of the authorised capital created by the Annual General Meeting of 6 May 2024. Despite the exclusion of subscription rights, the capital increase is structured in such a way as to safeguard all shareholders’ legitimate interests. The full placement of the new shares is secured by a backstop agreement.
The expected gross proceeds of approximately EUR 214 million are to be used to accelerate the growth of the Northern Data Group’s cloud platform by making additional investments in NVIDIA GPUs and expand the company’s physical data centre presence in Europe and the United States.
The listed Northern Data AG is a provider of energy-efficient high-performance computing (HPC) infrastructure to businesses and research institutions, utilising GPU- and ASIC-based solutions.
Gleiss Lutz regularly advises Northern Data, most recently in autumn 2023 on securing a credit facility and the issuance of a mandatory convertible bond.
The following Gleiss Lutz team advised Northern Data AG: Dr. Stephan Aubel (lead, partner), Alexander Gebhardt (counsel), Christian Schröder (all Corporate and Capital Markets, all Frankfurt), Dr. Walter Andert (Corporate and Capital Markets, Berlin), Dr. Christina Aye (counsel), Anne Görg (both Corporate, both Frankfurt).
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