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Press release
Paris, 21 November 2024



LIGHTON ANNOUNCES HIGHLY SUCCESSFUL IPO
ON EURONEXT GROWTH® PARIS
First generative AI IPO in Europe

• Capital increase of €11.9m after exercise of the Extension Clause and which could
be increased to €13.5m in the event of the full exercise of the Over-allotment Option
(the “Offering”)
• Total demand of €15.2m, i.e. an oversubscription rate of 1.5 times
• Individual investor demand of €8.9m
• Market capitalisation of approximately €62m (before the exercise of the Over-
allotment Option)
• Settlement-delivery scheduled for 25 November 2024
• Start of trading on Euronext Growth® Paris on 26 November 2024



LightOn, a leading European player in generative AI for businesses1, is announcing
the large success of its IPO with a view to list its shares on the Euronext Growth® Paris
market (ISIN: FR0013230950, ticker: ALTAI-FR).


Igor CARRON and Laurent DAUDET, co-CEOs and co-founders of LightOn, said:
We would like to express our heartfelt thanks to all our new shareholders, both individual and
institutional, who contributed to the great success of this transaction.

This fundraising will enable us to step up our sales momentum, strengthen our teams and
invest more in innovation to enrich our generative AI platform, Paradigm.


1
Frontier AI startups in Europe list | Dealroom.co
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We are looking forward to deploying the transformative power of our generative AI technology
to new customers both in France and internationally and to radically transform business uses.
Together we are ushering in a new technological era that will push the boundaries of the
possible!

Total demand amounted to 1,467,052 shares representing a demand of approximately
€15.2m.

The total gross proceeds of the Offering stand at approximately €11.9m. Following the exercise
of the Extension Clause, 1,150,000 new shares were subscribed, of which 35% in respect of the
global placement (through orders from institutional investors, amounting to approximately
€4.2m) (the “Global Placement”) and 65% in respect of the public offering (through 6,379
individual investors, amounting to approximately €7.7m) (the “Public Offering”).

The Company’s free float2 represents for 19.1% of its share capital before the potential exercise
of the Over-allotment Option.

The number of new shares could be increased by a maximum of 156,000 additional new shares
in the event of the exercise of the Over-allotment Option granted to Portzamparc (BNP Paribas
Group) until 19 December 2024, which would increase the amount of the Offering to €13.5m.

The number of shares constituting the Company’s share capital after completion of the
Offering and before exercise of the Over-allotment Option amounts to 6,006,966. On this basis,
and taking into account the initial public offering price of €10.35 per share, LightOn's market
capitalisation stands at €62m.

In accordance with the indicative timetable of the transaction, the settlement-delivery of the
new shares is scheduled for 25 November 2024 and the trading of LightOn shares on the
Euronext Growth® Paris market will begin on 26 November 2024 under ISIN FR0013230950 and
ticker ALTAI-FR.



Transaction details
• Characteristics of the shares
− Name: LightOn
− Ticker: ALTAI-FR
− ISIN: FR0013230950
− Listing market: Euronext Growth® Paris
− ICB classification: 10101015 – Software
− LEI Code: 9695002GVC14VHLFIH85
− Eligible for PEA and PEA-PME equity savings plans and “Innovative Company”
qualification by Bpifrance




2
The free float is made up of the “Other” and “Public” holdings in the post-transaction capital breakdown table
below.


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• Offering price
The Offering Price is €10.35 per new share.



• Size of and gross proceeds from the Offering
1,150,000 new shares were issued under the Offering after the full exercise of the Extension
Clause and before exercise of the Over-allotment Option.

Total gross proceeds from the Offering is €11.9m after the full exercise of the Extension Clause
and before the potential exercise of the Over-allotment Option, corresponding to net proceeds
of approximately €10.2m.

• Allotment of the Offering (excluding the potential exercise of the Over-
allotment Option)
The new shares will be allocated as follows:
− 407,941 new shares, allocated as part of the Global Placement, to institutional investors,
i.e. €4.2m and approximately 35% of the total number of shares allocated;
− 742,059 new shares, allocated as part of the Public Offering to individual investors, i.e.
€7.7m and approximately 65% of the total number of shares allocated. A1 orders (from
1 share to 250 shares inclusive) will be fully allocated and A2 orders (over 250 shares)
will be allocated up to 60%.



• Reasons for the Offering – use of funds raised
LightOn will use the net proceeds of the capital increase, i.e. €10.2m after full exercise of the
Extension Clause and before potential exercise of the Over-allotment Option, to pursue the
following objectives, after the full repayment (principal + interest) of the 2018 OCAs:

– approximately 60% of the net proceeds from the fundraising, following redemption of
the 2018 OCAs, will be used to invest in the Company's development: expansion of the
sales and marketing force, associated sales expenses and recruitment of engineers;

– approximately 40% of the net proceeds from the fundraising, following redemption of
the 2018 OCAs, will be used to finance technological investments, with the development
of new Paradigm functionalities (development of agents, multimodal RAG capacities,
etc.), the fine-tuning of specialised models for priority sectors and geographies, and
the purchase of computing capacity for R&D purposes.



• Post-transaction breakdown of share ownership
Following the IPO, LightOn’s share capital break-down will be as follows (on a non-diluted
basis):




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After full exercise of the Extension Clause After full exercise of the Extension Clause
but not the Over-allotment Option and the Over-allotment Option
% of % of % of % of
Voting Voting
Shareholders Shares share voting Shares share voting
rights rights*
capital rights capital rights
Igor Carron 1,065,600 17.7% 2,131,200 19.6% 1,065,600 17.3% 2,131,200 19.6%
Laurent
1,008,000 16.8% 2,016,000 18.6% 1,008,000 16.4% 2,016,000 18.6%
Daudet
Florent
403,200 6.7% 806,400 7.4% 403,200 6.5% 806,400 7.4%
Krzakala
Sylvain Gigan 403,200 6.7% 806,400 7.4% 403,200 6.5% 806,400 7.4%
Sub-total
2,880,000 47.9% 5,760,000 53.0% 2,880,000 46.7% 5,760,000 53.0%
founders
Investors 1,960,033 32.6% 3,920,066 36.1% 1,960,033 31.8% 3,764,066 34.6%
Former
16,933 0.3% 33,866 0.3% 16,933 0.3% 33,866 0.3%
employees
Other3 289,855 4.8% 289,855 2.7% 289,855 4.7% 289,855 2.7%

Public 860,145 14.3% 860,145 7.9% 1,016,145 16.5% 1,016,145 9.4%

Total 6,006,966 100.0% 10,863,932 100.0% 6,162,966 100.0% 10,863,932 100.0%

* After considering the attribution of double voting rights as from the listing of the Shares on Euronext Growth (retroactively taking into
account the registration of the Shares in the name of the same shareholder for two years prior to the Listing) and the loss of double
voting rights of Otium Venture attached to shares lent under the over-allotment option (stabilization) and without taking into account
the possible exercise of BSPCEs and BSAs.




• Lock-up and retention commitments
– Company lock-up: 180 calendar days.

– Shareholders lock-up:
o The founders and employees have pledged to hold their shares for a period of
360 calendar days, corresponding to (i) 59.3% of the Company’s share capital
prior to the Offering; (ii) 47.9% of the Company's share capital subsequent to the
Offering;
o Other shareholders have pledged to hold their shares for a period of 180
calendar days, corresponding to 39.7% of the Company’s share capital prior to
the Offering; (ii) 32.1% of the Company's share capital subsequent to the Offering;



• Indicative timetable


25 November 2024 Settlement-delivery of the Offering

Start of trading on the Euronext Growth Paris market
26 November 2024
Start of potential stabilisation period


3
Corresponding to Axon Partners Group, having entered into a subscription commitment for 3 million euros
representing 289,855 shares. Axon Partners Group's order was fully allocated.


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Deadline for exercising the Over-allotment Option
19 December 2024
End of potential stabilisation period



Liquidity contract
The Company plans to enter into a liquidity contract at the end of the stabilisation period. This
will be announced to the market in due course, in compliance with the applicable legal and
regulatory requirements.



Availability of the Prospectus
Copies of the prospectus approved by the AMF on 7 November 2024 under number
24-475, comprising the registration document approved on 21 October 2024 under number
I.24-012, the supplement to the registration document approved on 7 November 2024 under
number I.24-015, and a securities note (including the summary of the prospectus), are
available free of charge from LightOn (2 Pl. de la Bourse, 75002 Paris, France) and on the
websites of LightOn (https://investir.lighton.ai) and the Autorité des marchés financiers
(www.amf-france.org). The approval of the Prospectus should not be considered as a
favourable opinion on the securities offered. Investors are invited to draw their attention to the
risks relating to the business described in chapter 3 “Risk factors” of the registration document
approved by the AMF on October 21, 2024 and in chapter 3 “Risk factors relating to the offer” of
the securities note. This document does not constitute an offer of LightOn shares in any country
in which such an offer would violate applicable laws and regulations, nor an offer for sale of
LightOn shares in the United States. LightOn shares may not be offered or sold in the United
States absent registration or an exemption from registration under the U.S. Securities Act of
1933, as amended. LightOn does not intend to register the offering mentioned herein in the
United States. This document may not be published, transmitted or distributed, directly or
indirectly, in the United States, Canada, Australia or Japan.



Financial intermediaries and advisers on the transaction

Global Coordinator, Lead Arranger and Bookrunner
Listing Sponsor

Legal advisor


Statutory Auditor


Financial Communication




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Contacts
LIGHTON
invest@lighton.ai

SEITOSEI●ACTIFIN, Investor Relations SEITOSEI●ACTIFIN, Press Relations
Alexandre Commerot/ Benjamin Lehari Jennifer Jullia
+33 (0) 1 89 62 32 81 +33 (0)6 47 97 54 87
lighton@seitosei-actifin.com jennifer.jullia@seitosei-actifin.com




Forward-looking statements
Certain information contained in this press release are forward-looking statements, not
historical data and should not be construed as a guarantee that the facts and data stated will
occur. These forward-looking statements are based on data, assumptions and estimates
considered reasonable by LightOn. LightOn operates in a competitive and rapidly evolving
environment. It is therefore not in a position to anticipate all risks, uncertainties or other factors
that may affect its business, their potential impact on its business or the extent to which the
materialization of a risk or combination of risks could lead to results that differ significantly from
those mentioned in any forward-looking statement. LightOn draws your attention to the fact
that forward-looking statements are in no way a guarantee of its future performance and that
its actual financial position, results and cash flows and the development of the sector in which
LightOn operates may differ significantly from those proposed or suggested by the forward-
looking statements contained in this press release. In addition, even if LightOn's financial
position, results, cash flows and developments in the industry in which it operates are
consistent with the forward-looking information contained in this press release, such results or
developments may not be a reliable indication of LightOn's future results or developments. This
information is given only as of the date of this press release. LightOn makes no undertaking to
publish updates to this information or to the assumptions on which it is based, save for any
legal or regulatory obligation applicable to it, including pursuant to Regulation No 596/2014 of
the European Parliament and of the Council of 16 April 2014 on market abuse.


Disclaimer
This press release is not being made in and copies of it may not be distributed or sent, directly
or indirectly, into the United States of America, Canada, Australia or Japan.

The distribution of this document may be restricted by law in certain jurisdictions.

Persons into whose possession this document comes are required to inform themselves about
and to observe any such restrictions.

This press release is provided for information purposes only. It does not constitute and should
not be deemed to constitute an offer to the public of securities, nor a solicitation of the public
relating to an offer of any kind whatsoever in any country, including France. Potential investor
are advised to read the prospectus before making an investment decision in order to fully



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understand the potential risks and rewards associated with the decision to invest in the
securities.

This press release is an advertisement and not a prospectus within the meaning of Regulation
(EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus
to be published when securities are offered to the public or admitted to trading on a regulated
market, as amended (the “Prospectus Regulation”), also forming part of the domestic law in
the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”).

With respect to the member States of the European Economic Area and to the United Kingdom,
no action has been undertaken or will be undertaken to make an offer to the public of the
securities referred to herein requiring a publication of a prospectus in any relevant member
State other than France or the United Kingdom. As a result, the securities may not and will not
be offered in any relevant member State other than France or the United Kingdom except in
accordance with the exemptions set forth in Article 1(4) of the Prospectus Regulation, also
forming part of the domestic law in the United Kingdom by virtue of EUWA, or under any other
circumstances which do not require the publication by LightOn of a prospectus pursuant to
Article 3(2) of the Prospectus Regulation, also forming part of the domestic law in the United
Kingdom by virtue of EUWA, and/or to applicable regulations of that relevant member State or
the United Kingdom. In France, an offer to the public of securities may not be made except
pursuant to a prospectus that has been approved by the French Financial Markets Authority
(the “AMF”). The approval of the prospectus by the AMF should not be understood as an
endorsement of the securities offered or admitted to trading on a regulated market.

It does not constitute an offer to purchase or to subscribe for securities in the United States or
in any other jurisdiction.

The securities referred to herein may not be offered or sold in the United States of America
absent registration or an applicable exemption from registration under the U.S. Securities Act
of 1933, as amended. LightOn does not intend to register all or any portion of the offering of the
securities in the United States of America or to conduct a public offering of the securities in the
United States of America. This communication does not constitute an offer of securities to the
public in the United Kingdom.

This communication is being distributed to and is directed only at (i) persons who are outside
the United Kingdom or (ii) persons who are “qualified investors” within the meaning of Article 2
of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA and who
are also (x) investment professionals within the meaning of Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (y) high net
worth entities, or other persons to whom it may lawfully be communicated, falling within Article
49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”).
Any investment activity to which this communication relates will only be available to and will
only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not
act or rely on this document or any of its contents.




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