HRS secures €3.81M in subscription commitments, with cash horizon extended to end of March 2027
The French hydrogen infrastructure designer has announced subscription commitments for a reserved capital increase, coupled with a new bond tranche and ongoing banking discussions. The combined measures aim to extend the cash runway for the group based in Champagnier (Isère).
A capital increase reserved for commitment signatories
HRS announced on 29 September 2026 that it had received subscription commitments for a capital increase totaling €3.81M gross, comprising €2.33M through cash payment and €1.48M through compensation with certain, liquid and enforceable receivables owed by the Company. The Board of Directors decided on 28 September 2026 to carry out this operation exclusively for the benefit of the commitment signatories, through the issuance of a maximum of 4,766,992 new shares at a price of €0.80 per share, representing a 2.3% discount to the volume-weighted average price of the three trading sessions preceding its determination. The operation, decided under the authorization granted by the General Meeting of 27 November 2025, is not subject to a prospectus requiring AMF approval. Settlement and delivery, as well as admission of the new shares to Euronext Growth, are scheduled for 9 October 2026.
Complementary bond tranche and bank financing
HRS also announced that it received a commitment from the holder of simple bonds issued on 10 August 2026 to subscribe to a second tranche of up to €500,000 by 12 October 2026, alongside a subscription of approximately €480,000 in the capital increase through compensation with its receivable arising from the outstanding balance of the first tranche. The group is also continuing negotiations with its pool of historical banking partners for financing whose terms will be adjusted to account for the preceding operations and which could be finalized in October. HRS also signed in August 2026 a promise of sale for the sale-leaseback of its headquarters in Champagnier with a European data center operator, with completion, subject to administrative conditions precedent, expected to take place at the end of 2026. According to the Company, the capital increase and the second bond tranche will extend the cash horizon to the end of March 2027. Hassen Rachedi, founder and Chief Executive Officer, stated that these operations represent "an important step in strengthening our financial structure". The appointment of Frédéric Béraud or HFB, represented by Frédéric Béraud, as director will be proposed to the Annual General Meeting to be held by the end of 2026.
