Haffner Energy: Potential Dilution Following New OCEANE Bond Issue
Haffner Energy has announced the issuance of its sixth tranche of convertible bonds (OCEANE) to Hanover Square Investments 1, a subsidiary of the Alpha Blue Ocean group. This operation is part of a financing arrangement set up in November 2025 to secure operational continuity and support the company’s technological development.
Details of the Current Bond Issue
Today's issuance involves 120 convertible bonds amounting to 600,000 euros. Sixty OCEANE bonds have been converted, resulting in the creation of 7,144,047 new shares. This operation is part of a bond loan with a maximum nominal amount of 4.8 million euros over 60 months. According to Haffner Energy, this financing is intended to temporarily secure the company's operational continuity and strengthen its cash reserves to support a significant phase of technological evolution. It is also designed to support commercial operations and the company’s strategy as it continues its development efforts in Europe, Asia, the Middle East, and North America.
Regulatory and Risk Considerations
The issuance of OCEANE does not require the preparation of a prospectus subject to the approval of the Financial Markets Authority (AMF). It is carried out based on a delegation of authority granted by the Extraordinary General Meeting on September 29, 2025, to the Board of Directors. Haffner Energy has outlined several risks associated with this operation: significant dilution risk for existing shareholders, risks related to the volatility and liquidity of the shares, the risk if not all planned tranches are realized, and risks related to the implementation of penalty clauses in case of default. The investor is not intended to remain a shareholder in the long term, which could create high downward pressure on the stock price.
