CIRCLE: successfully completed the formalities of the MagellanCircle operation with new timetable

CircleS.p.A., (“Circle” or the “Company”), company heading the homonymous Group specialized in the analysis and development of automation and digitalization solutions for port and intermodal logistics sectors, listed on Euronext Growth Milan market, has closed today the required formalities laid down in the Addendum concerning MagellanCircle transaction agreement signed by the Shareholders on 31 March 2021 and subsequently amended.

The following has been defined:

● today, due to the agreed time delay, the payment by Circle to the Partners Maria Rosa Faria Ramalho and Tiago Gali Macedo of Euro 62.417 each, in addition to 1.980 Circle S.p.A. own shares (valued at the weighted average for volumes of last 6 months equal to Euro 3.83) each;

● on December 31, 2022, the completion of the conferral in kind by Circle into MagellanCircle of a share equal to the remaining 50% of the share capital held by Circle inCircle Connecting EU;

● on January 31, 2023, due to the agreed time delay, Circle will pay to the Partners Maria Rosa Faria and Tiago Gali Macedo Euro 20.000 and 2.640 Circle S.p.A. owned shares (valued at Euro 5) each;

● eventual earn out is postponed to 2025 at 2024 budget closure.