Capital round failed: Flyr makes a second attempt

The financially troubled low-cost airline Flyr was unable to raise sufficient fresh capital on Tuesday, November 8, 2022. The company said it will receive a small injection of capital from a group of investors.

With the help of a so-called private placement, Flyr wanted to collect enough money to get through the winter. However, the offer was not subscribed to enough, so that this project failed. Now trying to get 250 million Norwegian kroner through a private placement and around 100 million NOK from investors. Should the project succeed, the proceeds would be significantly less than the NOK 530 million originally planned.

To meet the remaining cash needs, investors participating in the share offerings would receive subscription rights that would allow them to purchase additional shares in the first quarter of 2023, which could raise an additional 350 million kroner, according to Flyr.

"If the Company fails to raise this additional capital by the end of Q2023 XNUMX, the Company may not be able to sustain its future operations," said Flyr.