Flat Capital AB (publ) ("Flat") publishes its interim report for January-June 2024. Net asset value per share decreased by -7.9% compared to the previous quarter to 7.55 SEK per share. The negative development of net asset value is isolated to the write-down of the value of the holding in Getir to 1 SEK as a result of their ongoing restructuring. Otherwise, we have not adjusted any values of unlisted holdings, excluding FX. However, we note clearly positive signals from several of our latest AI-related holdings, where interest is high with indications of upcoming capital rounds at notable higher valuations, which we expect to know more about in the second half of 2024. During the quarter, two investments were announced; firstly, about 11 MSEK in Elon Musk's AI company xAI, which in May announced its capital round totaling about 6 billion dollars, and in the AI and robotics company Physical Intelligence, where the investment of a total of about 11 MSEK, divided into two sub-investments, the first of which of about 6.3 MSEK was carried out during the quarter
Flat Capital AB (publ) ("Flat") may need to write down the value in whole or in part in the portfolio company Getir. The assessment is made after updated information from Getir regarding their current financial situation. Getir has faced several challenges in recent year, which has also been covered in the media as a result of the company withdrawing from several markets in Europe. A full write-down in Getir would entail a negative adjustment of Flat's net asset value ("NAV") of approximately 32.6 MSEK, or approximately 0.66 SEK per Flat share, corresponding to 8.1% of the latest reported NAV as of March 31, 2024
The Annual General Meeting (“AGM”) of Flat Capital AB (publ), 556941-0110, (the "Company") took place today, 6 May 2024. The AGM was conducted with both physical participation and postal voting
Flat Capital AB (publ) ("Flat") publishes its interim report for January-March 2024. Net asset value per share decreased by -2.4% compared to the previous quarter to SEK 8.20 per share. During the quarter, two investments were announced; in the legal AI company Harvey through a so-called Special Purpose Vehicle ("SPV"), and the data and AI company Oden Technologies that serves the manufacturing industry. Flat recognize a somewhat improving market environment and with a strong cash position the company intend to take advantage of the attractive opportunities that arise through Flat's global and unique network
Flat Capital AB (publ) ("Flat") is investing approximately 10 MSEK in US-based Oden Technologies ("Oden"), a prominent data and AI company serving the manufacturing industry. Flat is investing through a so-called Series B round of approximately 300 MSEK in total, whereby the capital will primarily be used to accelerate Oden's AI efforts. Flat is investing alongside Nordstjernan Growth, which is leading the round, together with participation from the majority of previous investors such as Atomico and EQT Ventures as well as one of Oden's customers, INX International Inc