Estonia: Clevon to delist without buying back minority shares

The Estonian developer of autonomous vehicles, Clevon, plans to delist its shares from the Nasdaq First North stock exchange without taking over the shares of the company’s minority shareholders, ERR reports. Earlier, the loss-making company announced that it would delist and buy out its minority shareholders. However, Clevon has failed to find an investor to finance the mandatory takeover bid. The company said that it would need to find additional capital from non-public investors instead. Around ten venture capital investors from Japan, Saudi Arabia, the US, and elsewhere have expressed interest in investing in Clevon so far. The company’s majority shareholder is Arno Kütt.