Core Insights - Team Wendy Ceradyne and Theon International have formed a strategic partnership to develop an Integrated Multi-Threat Headborne System (IMHS) prototype aimed at enhancing soldier protection and situational awareness under a U.S. Army-funded initiative [2][3][4] Company Overview - Team Wendy Ceradyne specializes in advanced combat helmets for the U.S. Department of Defense and is focused on preventing traumatic brain injury (TBI) [9][10] - Theon International Plc is a global leader in electro-optical systems, including night vision and augmented reality technologies, with a significant presence in the defense sector [7][5] Project Details - The IMHS will integrate Team Wendy Ceradyne's ballistic protection technologies with Theon's electronic systems, creating a modular head-borne architecture that supports mission-critical technologies [4][5] - The project is conducted under a shared-cost model between the U.S. government and industry partners, emphasizing collaboration in advancing soldier protection [4][6] Future Evaluation - The IMHS prototype will be evaluated by the DEVCOM Soldier Center in the fourth quarter of FY26 during a Soldier Touchpoint to assess performance and gather user feedback for future design phases [6]

Company Overview - Theon International PLC develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [21] - The company began operations in 1997 in Greece and has since established a significant international footprint, including subsidiaries and production facilities in various countries [21] - Theon International PLC has over 240,000 systems in service with armed and special forces across 71 countries, including 26 NATO member countries [21] - The company has been listed on Euronext Amsterdam since February 2024 [21] Offering Details - Theon International PLC announced the conclusion of a rump placement as part of its issuance of 8,624,645 new ordinary shares [4][5] - During the subscription period, 8,522,058 new shares were subscribed, and all remaining 102,587 rump shares were sold in the placement [5][8] - The rump shares were placed at a price of €29.20 per share, with proceeds going to the company [5] - The entire amount of 8,624,645 new shares offered has been subscribed for by investors [5][8] - The issuance and listing of the new shares are scheduled for December 18, 2025 [8]

Core Viewpoint - Theon International PLC successfully concluded a Rights Issue, with approximately 99% of the offered new shares subscribed, raising around €148 million [4][9]. Group 1: Rights Issue Details - The subscription period for the Rights Issue ran from December 2 to December 15, 2025, during which 68,176,464 Rights were exercised for 8,522,058 New Shares [4]. - The majority shareholders, Venetus Limited and CHRE Investments Limited, committed approximately €107 million to the New Shares, exercising their pro-rata entitlement [5]. - A total of 102,587 New Shares, representing about 1% of the total offered, will be available for sale to institutional investors through a Rump Placement [6][9]. Group 2: Rump Placement and Listing - The Rump Placement will begin immediately and is expected to conclude by December 16, 2025, before market opening [7][9]. - The issuance of the New Shares is scheduled for December 18, 2025, with the listing on Euronext Amsterdam occurring at 09:00 CET on the same day [7][9]. Group 3: Underwriting and Lock-Up Agreements - The Offering is underwritten by certain investment banks, while the Committed Shares are not underwritten [8]. - The Company and the Committing Shareholders have agreed to lock-up agreements that will expire 180 days after the Closing Date, with certain exceptions [10]. Group 4: Company Overview - Theon Group develops and manufactures advanced night vision and thermal imaging systems for defense and security applications, with a global presence [24]. - Theon Group has over 240,000 systems in service with armed and special forces across 71 countries, including 26 NATO member countries [25].

Core Points - Theon International Plc is launching a rights offering to raise approximately €150 million through the issuance of 8,624,645 new ordinary shares at a subscription price of €17.40 per share, which represents a discount of 30.8% to the theoretical ex-rights price [3][4][10] - The majority shareholders, Venetus Limited and CHRE Investments Limited, have committed to subscribe for approximately €107 million of new shares, representing about 71.0% of the offering [5][6] - The proceeds from the rights offering are intended to partially finance the acquisition of a 9.8% stake in Exosens SA for €268.7 million, positioning Theon as the second-largest shareholder in Exosens [6][8][7] Offering Details - The rights offering will allow existing shareholders to receive 1 right per ordinary share held as of the record date, with 8 rights required to subscribe for 1 new share [4][9] - The subscription period will run from December 2, 2025, to December 15, 2025, with rights trading occurring from December 2 to December 11, 2025 [12][13] - Any unsubscribed shares will be offered to eligible institutional investors through private placements [15] Financial Context - The subscription price of €17.40 per share is based on a closing price of €26.10 per ordinary share, indicating a significant discount [10] - The expected net proceeds from the offering are approximately €146 million, which will be utilized for the Exosens acquisition [8] Company Background - Theon Group specializes in developing and manufacturing advanced night vision and thermal imaging systems for defense and security applications, with a global presence [34] - The company has been listed on Euronext Amsterdam since February 2024 and has over 240,000 systems in service across 71 countries, including 26 NATO member countries [34]