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BME Growth published Substrate AI’s consolidated annual accounts for 2024.
The timeline below shows the most important public steps from the launch of the offer to the final outcome published on 3 April 2026.
On 4 March 2026, Subgen AI announced the offer to the shareholders of Substrate AI together with the prospectus and offer documentation.
On 1 April 2026, the offer was declared unconditional after the completion condition had been deemed fulfilled.
On 3 April 2026, the final outcome was published and the board resolved on the directed issue used to deliver the consideration shares.
Subgen AI announces the voluntary public offer to the shareholders of Substrate AI. The related prospectus and offer material are published the same day.
The acceptance period runs according to the offer document. During this window, Substrate AI shareholders can accept the offer.
The company announces that the completion condition has been satisfied and that the offer will proceed. A preliminary outcome is communicated the same evening.
The final outcome shows 48,547,347 accepted A shares, equal to about 23.7% of capital and 23.9% of votes in Substrate AI.
The board resolves on a directed issue of 291,284,082 ordinary Subgen shares with payment in kind in order to deliver the consideration.
Registration is expected around week 16. The new ordinary shares are then intended to be admitted to trading and payment is expected to begin around week 16–17.
The final release replaces the preliminary outcome and should now be used as the main reference for acceptance, new shares, dilution and direct ownership.
After the final outcome, the main remaining public steps are the registration of the issue and the actual delivery of the consideration shares.
The sources page collects the final release, the offer page and the prospectus. The change log shows when the site itself was updated.
Disclaimer: This site is created to compile public information and show illustrative models. The material is not financial advice and does not constitute an offer to buy or sell securities.
Always check prospectuses, reports, regulatory releases and official company pages before making investment decisions. Indicative market feeds may differ from official trading statistics.
