Green Hydrogen Systems announced on Tuesday morning that DKK 225m worth of new shares have been subscribed for under the ongoing rights issue, and that the issuance is therefore expected to be completed.

The company had also been promised access to loan facilities of DKK 250m from two major shareholders APMH Invest and the pension fund ATP if it reached the minimum amount of the issuance of DKK 225m.

Fully subscribed, the rights issue could raise gross proceeds of DKK 469m.

Green Hydrogen has stated that if the issue is less than DKK 469m - but greater than DKK 225m - the company may have to adjust its business plan, including the speed of execution of the plan.

At the same time, it may also mean that a new capital raise may come at an earlier stage than would otherwise be the case, the company writes.

Both Green Hydrogen’s shares and the value of the subscription rights have fallen sharply during the subscription period, which runs until July 4. The result of the issue is expected to be announced on July 4.