Agilyx AS (“Agilyx”, or the “Company”), a pioneer in advanced recycling of post-use plastics, today began trading on the Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange, under the ticker symbol AGLX-ME.
Members of the Agilyx Board of Directors led the opening bell ringing at the Oslo Bors today and witnessed the first trading of Agilyx shares on the Merkur Market.
The Agilyx share closed today’s trading at NOK 32,10 per share. This implies an increased market valuation of 79% compared with the NOK 1,600 million valuation on a fully diluted basis (post money) in the Private Placement earlier this month.
The Private Placing, in which the company raised approximately NOK 300 million in new equity, was multiple times oversubscribed and attracted strong interest from existing shareholders, as well as high quality ESG-focused institutional investors.
Agilyx intends to use the net proceeds from the Private Placement for acceleration of project development and delivery, pipeline development and European expansion, R&D expansion, Cyclyx development required to support business plan, as well as for general corporate purposes.
“This IPO marks the start of a new and exciting chapter for Agilyx as a publicly traded company, and propels us forward in our vision of fully utilizing post-use plastics to create a true circular economy for plastics, a material that we all have come to depend on in our daily lives,” said Tim Stedman, CEO of Agilyx.
Addressing Plastic Waste for Circular Economy“We will now continue to improve our capabilities and push forward in accelerating the many projects in our development pipeline, in addition to our commercially operational facility in Oregon, U.S.,” Stedman says.
Over the last 16 years Agilyx has, through extensive research and commercial operations, developed leading industry technology and know-how to make plastics a true circular resource.
Managing plastic waste is a global and immediate challenge. Today barely 10 percent of the world’s plastic waste is recycled, while the rest goes to landfills, or worse, our waterways and oceans. With Agilyx’s chemical recycling technology and intelligent feedstock management system, mixed plastics now can be converted to new virgin-equivalent plastics, as well as chemical products and fuels – creating the opportunity for true circularity.
“This listing on the Merkur Market, combined with the successful private placement, provides us with a strong financial platform to take significant steps towards fulfilling our vision,” said Peter Norris, Chairman of the Agilyx Board of Directors, and Chairman of the Virgin Group. “We believe that advanced recycling and feedstock know-how is a key to moving plastic recycling rates from 10% to 90%,” he said.
About AgilyxAgilyx, AGLX-ME, is a pioneer in the advanced recycling of difficult-to-recycle post-use plastic streams. With Agilyx’s chemical recycling technology and intelligent feedstock management system, mixed plastic waste can be converted to new virgin-equivalent plastics, as well as chemical products and fuels – creating the opportunity for true circularity. The company has not only developed these first-to-market products, but has also developed a feedstock management company Cyclyx International, Inc. and is working with many waste service providers, municipalities, petrochemical, and brand and retail companies to develop closed-loop advance recycling solutions for mixed waste plastics.
Advisors:The Company has appointed Carnegie AS to act as Manager in the Private Placement and listing, and Advokatfirmaet BAHR AS as its Norwegian legal advisor.
Source: Agilyx, press release, 2020-09-30.