Noerr advises windeln.de on corporate action for further financing

A Noerr LLP team led by Hamburg-based partner Stephan Schulz has advised windeln.de SE in connection with the preparation and implementation of capital measures. These measures were based on resolutions adopted by an extraordinary general meeting held on 27 September 2019 regarding a share capital decrease in the ratio of 10:3 and a subsequent capital increase with subscription rights.

5,171,144 new shares were issued as part of the capital increase at a subscription price of €1.20 per share. The new shares were offered to shareholders in a public subscription offer without a prospectus and to selected institutional investors in an international private placement.

Noerr advised the company on the preparation and execution of the extraordinary general meeting, in relation to shareholder lawsuits in connection with the general meeting’s resolutions, on the implementation of the capital decrease and the capital increase, and on employment law issues. Noerr acted as transaction counsel for the implementation of the capital increase, for which Quirin Privatbank AG had been instructed as settlement agent.

The funds from the capital increase are to be used to strengthen the company’s liquidity position and for projects such as outsourcing the IT shop platform and relocating the central warehouse in Germany as well as building up net working capital necessary for the company’s growth in China. windeln.de is one of the leading online retailers for family products in Europe. The company also operates a successful e-commerce business with baby and toddler products for customers in China.

Advisors to windeln.de SE: Noerr LLP

Dr Stephan Schulz (team lead, Hamburg), Dr Laurenz Wieneke, Dr Dominik Kloka (both Capital Markets, Frankfurt), Dr Philipp Göz (Litigation, Munich), Dr Jens Kunz (Banking Regulation, Frankfurt), Tillman Hecht (Employment, Frankfurt), Dr Ingo Theusinger (Capital Markets, Düsseldorf)

Associates: Dr Jan Hoffmann Linhard, Dr Anca David, Juri Stremel (Capital Markets, all Hamburg), Dr Wolfgang Wittek, Natalie Kibler (both Employment, Hamburg)