On Your Mark, Get Set... Don't Go? A Case Study on X Shore's Series B Financing Round

Sammanfattning

This thesis investigates how X Shore, an electric boating company, managed raising funds during times of high market volatility following the Russian invasion of Ukraine. The study contributes to existing literature by providing a case study on how crisis and high market uncertainty affects a company seeking funding in their capital intensive, early expansion phase of a growing, contemporary industry. This case study shows how X Shore manages to raise expansion capital during times of high market volatility by opting their planned IPO for a private placement, at the cost of a lower valuation and a smaller deal size, while gaining valuable time to focus on the development of its business. X Shore managed to maintain investor interest by offering shares of an "IPO-ready" firm at discount to the IPO price, supported by a strong business case and a purpose driven business model, promoting the electrification of the boating industry. Additionally, we find the importance of a dual-track process, as well as the combination of an agile approach and a highly determined management team.