8) How was the evaluation of the startup set?

It was decided to proceed with a process inspired by world best practices. The industrial plan was drawn up by the company Thymos Consulting of Milan,
a company that collaborates with Borsa Italiana in the preparation of industrial plans of companies listed in the AIM segment.
This industrial plan was then sent to the company LDP Consulting of Milan specialized, among other things, in appraisals, which carried out an
independent assessment activity by Dr. Monica Di Oronzo, Chartered Accountant and Statutory Auditor, who examined:

  • the current company situation, team, patents, state of technological and
    project maturity
  •  the market in which it operates and the expected growth dynamics,
  •  the industrial plan, comparing it independently with market research
    and analysis regarding the nautical sector
  •  the accounting results of the company both of an economic and
    financial nature
  • the accounting results of the main competitors and their financial
    multiples
    The entire process involved over 6 months of work and the value that emerged from the appraisal was taken as the basis for calculating the issue price of the
    new shares. The report of Dr. Monica di Oronzo was sworn and certified on 24/11/2020 at the Notary’s College of Milan, before the Notary Filippo Laurini