Windward Regulatory News (WNWD)

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6 December 2021

Windward Ltd.

("Windward", "the Company" or "the Group")

Admission to AIM and First Day of Dealings

Windward, a leader in maritime predictive intelligence, is pleased to announce that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange will become effective and dealings will commence at 8.00 a.m. today under the ticker "WNWD". The ISIN is IL0011809428 and the SEDOL is BNTVZP4.

Windward is a leading predictive intelligence company, fusing artificial intelligence ("AI") and maritime expertise seeking to digitalize the global maritime industry. Windward's AI-powered software solution aims to provides real time information and insights on major seafaring vessels at sea, enabling stakeholders within the maritime ecosystem to make intelligence-driven decisions to manage risk and achieve business and operational insights.

Windward has over 70 globally spread customers, including a number of leading participants across the maritime industry, including BP, Shell, HSBC, Gard and Danske Bank and leading government agencies including agencies from the US department of Defence and Homeland Security, Frontex (the pan-European border and coast guard agency) and the United Nations.

On 1 December 2021, Windward announced a placing of new and existing ordinary shares which has today completed. The Placing raised gross proceeds of £26.3 million (US$35 million) of new capital for the Company and £8.2 million (US$10.9 million) for certain existing shareholders and option holders at a placing price of 155 pence per share (the "Placing Price").

On Admission, the Company will have 81,637,638 Ordinary Shares in issue. The market capitalisation of the Company at the Placing Price will be approximately £126.5 million immediately following Admission.

Canaccord Genuity is acting as Nominated Adviser, Sole Broker and Sole Bookrunner to the Company.

The Company's admission document is available to view on the Company's website: https://investors.windward.ai/ 

Ami Daniel, CEO and co-founder of Windward, commented: "today marks the next step in the growth of Windward and I am grateful for all the hard work of our team and support of our investors that have helped bring us to this point. The global maritime industry is facing pressure from multiple directions - increasing compliance requirements, increasing freight shipping costs, lack of data visibility and all against a pressing need to steer towards a carbon neutral future. We are committed to providing the solution to our customers to plot a course through these issues and are excited by the opportunity we see ahead."

Terms capitalised in this announcement but not defined herein shall have the meaning given to them in the Admission Document.

For more information, please contact:

About Windward Ltd

Windward is a leading predictive intelligence company, fusing artificial intelligence ("AI") and maritime expertise seeking to digitalize the global maritime industry. The Company is headquartered in Israel with a presence in five additional locations around the world, including the US and UK.

The Company principally offers its Predictive Intelligence Platform through a Software as a Service ("SaaS") model, providing annual subscription for customers. Windward benefits from a strong commercial model with high levels of recurring revenue supporting strong revenue and cash flow visibility. As at 30 September 2021, the Company had an annual contract value ("ACV") of US$19.7 million (unaudited), 99 per cent. of the revenue being subscription based. Windward's scalable SaaS model with 79 per cent. gross margins for the year ended 31 December 2020 provides the Company with a clear path towards profitability in the future.

Important Information

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as nominated adviser, sole broker and sole bookrunner to the Company in connection with the Placing and Admission and will not be acting for any other person (including a recipient of this announcement) or otherwise be responsible to any person for providing the protections afforded to clients of Canaccord Genuity or for advising any other person in respect of the Placing and Admission or any transaction, matter or arrangement referred to in this announcement. Canaccord Genuity's responsibilities as the Company's nominated adviser and broker under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of their decision to acquire shares in the Company in reliance on any part of this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on Canaccord Genuity by FSMA or the regulatory regime established thereunder, Canaccord Genuity does not accept any responsibility whatsoever for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the Ordinary Shares or the Placing and Admission. Canaccord Genuity accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) in respect of this announcement or any such statement.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

Certain figures in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly with the total figure given.

This announcement contains statements that are, or may be deemed to be, "forward-looking statements". In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms "anticipate", "believes", "could", "would", "envisage", "estimate", "expect", "aim", "intend", "may", "plan", "project", "target", "should", "will" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements relate to matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs and current expectations of the Company or the Directors concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, objectives and strategies of the Company and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The actual results, performance or achievements of the Company or developments in the industry in which the Group operates may differ materially from the future results, performance or achievements or industry developments expressed or implied by the forward-looking statements contained in this announcement. The forward-looking statements contained in this announcement speak only as at the date of this announcement. The Company expressly disclaims any undertaking or obligation to update or revise publicly the forward looking statements contained in this announcement to reflect any change in expectations or to reflect events or circumstances occurring or arising after the date of this announcement, except as required in order to comply with its legal and regulatory obligations (including under the AIM Rules for Companies).