Zenith Energy Ltd. (“Zenith” or the “Company”) announced on Thursday, September 18, 2025, that the Company has secured subscription intentions and guarantee commitments totaling approximately SEK 16.3 million, representing 65.2 % of the ongoing offering of Swedish Depository Receipts (SDRs) in connection with the planned listing on Spotlight Stock Market. The offering comprises up to 55 555 556 SDRs, equal to approximately SEK 25 million before issue costs. Trading in Zenith’s SDRs is expected to commence on October 10, 2025. The subscription intentions of approximately SEK 3.3 million stemmed from CEO Andrea Cattaneo and CFO Luca Benedetto and represent their pro rata ownership. The guarantee commitments (“Top-down Guarantee”) amount to approximately SEK 13 million, corresponding to 52.2 % of the Offering, and have been provided by external investors.
Analyst Group’s View on the Offering
Analyst Group views the subscription intentions and guarantee commitments covering over 65 % of the offering as a strong signal of internal confidence and external investor interest in Zenith ahead of its planned Spotlight listing. The participation of the Company’s Board and management, CEO and member of the board of directors Andrea Cattaneo and CFO and member of the board of directors Luca Benedetto, with personal capital underscores the management team’s belief in Zenith’s long-term potential and aligns with shareholder interests. The cash-based compensation of 12.5 % reflects prevailing market terms for similar offerings of this size and risk profile. Additionally, this offering comprises the entire initial free float on Spotlight; as such, the level of subscription will directly shape post-listing liquidity. The SEK 25 million raise, if fully subscribed, establishes an initial free float sufficient to support post-listing trading activity and would represent approximately 20 % of the Company’s total shares post-transaction.
Zenith enters the Spotlight listing process at a time when the Company, in our view, holds a resilient core business, with a clear growth strategy in solar, and active legal processes that may unlock significant value upside potential. Zenith presents a risk–reward profile where capital raised through the offering is expected to accelerate portfolio expansion and further strengthen the Company’s investor base and access to the Nordic capital markets.
