Credit Suisse says 98.2% of rights exercised in offering

Credit Suisse announced the results of the rights offering as approved by the shareholders at the extraordinary general meeting on November 23, 2022. By the end of the rights exercise period on December 8, 98.2% of the rights had been exercised for the issuance of 872,989,594 new shares. The 16,378,864 newly issued shares for which rights were not exercised are planned to be sold in the market at or above the offer price of CHF 2.52 per share. The gross proceeds of the rights offering for Credit Suisse are expected to amount to approximately CHF 2.24B. Ulrich Korner, Chief Executive Officer of Credit Suisse, said: "Over recent weeks we have made important strides towards implementing the strategic actions outlined at our October 27 strategic review. The successful completion of the capital increase is a key milestone for the new Credit Suisse. It will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable and more focused bank built around client needs, and generating value for shareholders." The gross proceeds of the rights offering and the previously implemented capital increase by way of share placement together are expected to amount to a total of approximately CHF 4.0B. The listing and the first day of trading on SIX Swiss Exchange of the newly issued shares from the rights offering, as well as the delivery of the new shares against payment of the offer price, are expected to take place on December 9.