Zaaifonds • Ascendance Flight Technologies
Aandelencrowdfunding
Ascendance Flight Technologies
The future European leader in electric hybridization aeronautics. Invest in Ascendance, the electric hybrid revolution.
Key project data
Target amount
12,5 MEUR
Valuations
45,0 MEUR
Would AI invest?
52/100
1
100
Door AI gegenereerd overzicht
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ascendance Flight Technologies — Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Hybrid-electric propulsion (STERNA) and an in-house hybrid VTOL aircraft (ATEA) for civil aviation and defence drones.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Deeptech aeronautics / hybrid-electric propulsion | <strong>Stage: </strong>Pre-revenue, Series A2 round extension (pre-Series B) | <strong>HQ: </strong>Toulouse, France | <strong>Raise: </strong>Equity via Sowefund nominee holding; €45,000,000 pre-money; €12.5M target; €1,000 minimum; JEIR 50% tax reduction cited</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">AI Score</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:397px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score:</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The €45,000,000 pre-money valuation is asserted with no disclosed methodology and no third-party benchmark. The entry thesis depends on an up-priced Series B 'roadshow' from September 2026 that is planned but not secured.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:28.0pt"><span style="color:black">52 / 100</span></span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Investor economics are opaque: share class, liquidation preference, anti-dilution, pre-emption, drag/tag, lock-up and founder vesting are all undisclosed. Crowd investors hold via a Sowefund nominee with no individual vote.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:227px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">⚠️</span></span><span style="color:black"> Caution</span></strong></span></span></p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The founding team is genuinely strong and corroborated — four ex-Airbus E-Fan engineers, ~100 staff from Airbus/Safran/ATR — which is the firmest positive in the file.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Demand is real but soft: preorders are non-binding letters of intent and the count drifts across sources (245 → 632 → 670). The defence 'DGA contract' is in fact a co-funded R&D demonstrator, not a production order.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:227px"> <p> </p> </td> <td style="background-color:white; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:397px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A 'first flight' has been forecast as imminent across 2024, 2025 and now 2026; certification is targeted only for 2029, and the company itself says 'several hundred million' euros are still needed to reach market.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice.</strong> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key goal</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Investor return target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not quantified by the company. No target multiple, exit valuation or holding-period return is stated; the company offers only a qualitative thesis of capturing uplift between this €45M entry and a higher Series B valuation.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Default</strong> — the company did not state a return target or horizon, so a sector heuristic is applied below to illustrate what a return would require.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Exit mechanism</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company-stated: acquisition by an aerospace/propulsion leader, acquisition by a defence/sovereign industrialist, or a secondary sale to a growth fund. No comparable exits and no binding timeline provided.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why aim for roughly 10x? </span></strong><span style="color:black">Early-stage deeptech investments fail often, and survivors are heavily diluted by the many funding rounds needed before any exit. To compensate for that risk across a portfolio, early-stage investors typically underwrite a single deal to a target of around 10x or more over a five-to-eight-year horizon — knowing most will return little and a few must carry the rest. This is an educational benchmark, not a prediction for this company, and not advice. The company has not committed to any target itself.</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Path to target</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For pre-revenue deeptech hardware, a ~10x gross return commonly requires an exit enterprise value on the order of 10x the entry valuation, before dilution.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Current key metric</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue. No financials were disclosed in the provided materials. Entry reference is the €45,000,000 pre-money valuation.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Required scale at exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roughly €450M+ exit enterprise value to deliver ~10x from a €45M entry — and higher still once dilution from the planned Series B and later rounds is accounted for. The company's own 2035 ambition (>€1bn revenue, ~20% EBITDA margin), if achieved, could support such a value; these figures are company-stated and unaudited.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied IRR</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 10x return over six years implies roughly a 47% annual compound return; over eight years, roughly 33%. These illustrate the hurdle, not a forecast — and ATEA certification is not targeted until 2029, which lengthens any realistic horizon.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ascendance Flight Technologies is a fabless-style deeptech aeronautics company — it designs propulsion systems and an aircraft rather than mass-manufacturing today — founded in January 2018 in Toulouse by four former members of the Airbus E-Fan electric-aircraft team: Jean-Christophe Lambert (CEO), Benoît Ferran (CTO), Thibault Baldivia (CCO) and Clément Dinel (propulsion). It employs roughly 100 people drawn from Airbus, Safran and ATR.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company builds two linked products. STERNA is a modular hybrid-electric propulsion system that mixes a battery (used for high-power phases such as take-off) with a fuel-burning generator (used in cruise, and to recharge the battery in flight), governed by proprietary software the company calls the Hybrid Operating System. ATEA is an in-house hybrid-electric vertical-take-off-and-landing aircraft powered by STERNA, designed to carry roughly four passengers over about 400 km. The company is pre-revenue, with ATEA certification targeted for 2029 and a first manned flight of the full-scale prototype targeted for 2026. It markets STERNA to aircraft and drone manufacturers (a business-to-business equipment-supplier model) while developing ATEA as its own aircraft and a flying demonstrator.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ask and structure</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity, held via a Sowefund-managed nominee holding company. €45,000,000 pre-money valuation; €12,500,000 round target; €1,000 minimum ticket. The listing shows €12,891,649 raised to date and an average ticket of €2,526.77.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company-set. No methodology, comparables or basis for the €45M figure was disclosed in the provided materials.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money (derived)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated. €45M pre-money plus ~€12.5M new money implies roughly €57.5M post-money (analyst arithmetic only; how the 'already committed' €12.5M interacts with the platform envelope is not disclosed).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Most recent priced round</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Series A of €21M, announced March 2023 (Bpifrance French Tech Souveraineté and others, with re-investment from Habert Dassault Finance, Céleste Management, IRDI, M-Capital). An earlier €10M round is also referenced.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External reference</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No third-party current valuation was found. Startup databases report cumulative funding of roughly $34–48M (CB Insights, PitchBook) — these are total-raised figures, not a valuation, and are materially below the company's '>€60M' claim. Grants are corroborated: Clean Aviation €5M (2025) and France 2030 'First Factory' €12.2M (2026).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Benchmark read</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €45M pre-money sits well above the last priced round (€21M, 2023) with no disclosed intervening priced round and no revenue, and explicitly relies on an up-priced Series B that has not yet occurred.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Instrument and investor terms</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You invest through a Sowefund-managed nominee holding company: the holding holds the legal title to the shares and represents investors collectively, rather than you appearing directly on Ascendance's share register. The company's FAQ states you become a shareholder 'under the same conditions as the institutional investors' in this round, but the specific share class is not disclosed — ordinary or preferred is not stated, so you cannot tell what rights attach to your shares before investing. Voting is exercised only through the nominee vehicle; you have no individual vote and no board seat, and the nominee typically votes following majority instruction. In practice, exit and major decisions are controlled by the founders and the prior institutional investors, not the crowd. Founder vesting schedule is not disclosed in provided materials — investor cannot assess this before investing.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has explicitly stated it must raise more capital: a Series B 'roadshow' is planned from September 2026, and the company separately indicates 'several hundred million' euros are needed to bring ATEA to market. Whether crowd investors have anti-dilution protection is not disclosed; on standard crowdfunding terms, assume they do not, meaning a future round reduces your percentage with no compensating top-up.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Here is a worked example using standard cap-table mechanics (illustrative only, not advice). If you invest €1,000 today and the €12.5M round closes at a €45M pre-money valuation, the post-money is about €57.5M, so you own roughly 0.0017% of the company (€1,000 ÷ €57.5M). Suppose the company then raises a €30M Series B at a €90M pre-money valuation (an up-round, 2x the current pre-money, €120M post-money): new investors take about 25% of the company and your stake dilutes to roughly 0.0013%, but the implied value of your holding rises with the higher share price. If instead the next round is a down-round at, say, €30M pre-money (about 0.67x the current pre-money) raising €30M (€60M post-money), new investors take about 50%, your stake dilutes to roughly 0.0008%, and the implied value of your €1,000 falls by very roughly 35% or more relative to entry. Given the company's heavy stated future capital needs, the down-case deserves serious weight.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No employee option pool (ESOP) size or planned expansion is disclosed, so its additional dilutive effect cannot be assessed. Pre-emption rights — the right to invest more in later rounds to defend your percentage — are also not disclosed; even where they exist, exercising them requires additional capital and does not protect against a lower price.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference is not disclosed — in a sale below or near the current valuation, the order of payouts determines who gets what. Without disclosure, you cannot assess whether earlier investors or founders have priority over crowdfund investors in an exit. Creditors are paid before all shareholders in any wind-down, so in a low-value exit crowd investors could receive little or nothing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along rights (the percentage of shareholders who can force everyone else to sell on the same terms) and tag-along rights (your right to join a sale on the same terms as a selling shareholder) are not disclosed. This matters: without knowing the drag threshold you cannot tell whether founders and institutions can compel you into a sale, and without confirmed tag-along you cannot be certain of joining a favourable sale on equal terms.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No lock-up period or secondary market is disclosed, and the listing's own risk warning stresses illiquidity. You should treat this investment as illiquid for the long term — typically five to seven years or more for early-stage equity, and potentially never if no exit occurs. Given certification is not targeted until 2029, the realistic horizon is at the longer end.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No individual vote — shares are pooled in a Sowefund nominee holding, so you cannot influence company decisions, including the decision to sell.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference not disclosed — you cannot tell whether founders or earlier institutional investors are paid ahead of you in a sale, so in a low-value exit you may receive little or nothing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution and pre-emption not disclosed — you likely have no protection against, or right to defend against, dilution in the explicitly planned Series B.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold not disclosed — you may be compellable into a sale without your consent, on terms you cannot assess in advance.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Heavy future capital need on an undisclosed cap table — the company says 'several hundred million' euros are still required, implying substantial future dilution from a starting position you cannot fully see.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share class held by crowd investors and the rights attached to it.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any class of shareholder.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-emption rights for crowd investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold and tag-along rights.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Full cap table (founder %, prior-investor %, ESOP %, free float).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lock-up period and any secondary-market mechanism.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Frequency and type of ongoing reporting crowd investors will receive.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Absence of disclosure means you cannot assess these points before investing.</em></span></span></p> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Score breakdown</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">16%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Corroborated ex-Airbus E-Fan founders and an experienced ~100-person team, offset by an unverified board roster and a long path with no priced round since 2023.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & IP</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — A real 4-year hybrid test bench and claimed 82 patents, but performance percentages and the patent count are company-stated and not independently verified.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & certification path</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">48</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — A first flight has slipped from 2024 to 2025 to 2026, and certification is only targeted for 2029 — a long, binary path.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & demand evidence</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Market backdrop is real and partly corroborated, but demand is largely non-binding LOIs whose count drifts across sources.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & revenue model</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">42</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Pre-revenue with no financials disclosed; one defence demonstrator and co-development talk, but no contracted revenue and large future capital needs.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Funding & capital intensity</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Grants are corroborated, but the headline '>€60M raised' is contested by databases ($34–48M) and the company needs 'several hundred million' more.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — €45M pre-money with no disclosed methodology and almost all investor-protection terms undisclosed; nominee-held with no vote.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:73px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:264px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — A differentiated certifiable, dual-use hybrid position, but unproven against well-capitalised incumbents and other eVTOL/hybrid players.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed review</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record — 68 (Moderate)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Four co-founders from the Airbus E-Fan programme, which flew an electric aircraft across the English Channel in 2015 — directly relevant pedigree, corroborated by independent sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roughly 100 employees drawn from Airbus, Safran and ATR; Stéphane Viala, former ATR senior engineering VP, leads engineering and programmes.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The listing claims a board of former industry leaders (ex-Safran Group CEO, former Airbus EVP, former Renault executive), but no names are provided in the materials, so this cannot be verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No new priced funding round has closed since the 2023 Series A; the team has been executing a long, capital-heavy programme without an institutional priced markup on record.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & IP — 62 (Moderate)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A full-scale hybrid test bench ('Iron Bird') at Muret has been operational for about four years, rated up to 1 MW (500 kW equipped) — the existence of the bench is corroborated externally.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">In-house hybrid system spanning battery pack, energy-management software and electric core; partnerships with Airbus, Safran, Turbotech and EXOES lend technical credibility.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The claimed 82 patents and the headline performance figures (−50% CO2, −30% operating cost, 4x drone range) are company-stated and not independently verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These are still claims of capability rather than a certified, in-service product; limited independent validation of the specific numbers.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product & certification path — 48 (Caution)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A full-scale 1:1 ATEA prototype is in final assembly, and the company has flown sub-scale prototypes previously.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Certification pathway is articulated (EASA/DGAC engagement), and a defence demonstrator (DT46 Hybrid with Delair) reached qualification-flight stage.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 'first flight' has been forecast as imminent across 2024, 2025 and now 2026 — a clear pattern of slippage on the headline catalyst.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Certification is not targeted until 2029, making this a long, binary, capital-intensive path before any product revenue from ATEA.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & demand evidence — 55 (Caution)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market backdrop is real and partly corroborated by independent reporting on hybrid/electric aviation and defence-drone demand.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dual-use civil + defence positioning gives two demand pools from a single core technology.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Demand evidence is predominantly non-binding letters of intent, and the count drifts across sources (245 → 632 → 670), with only 'first deposit-backed place-holders' begun.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The headline market figures (36,000 aircraft to replace; 42,000 heavy drones by 2035) are quoted without a cited basis in the materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial traction & revenue model — 42 (Caution)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A clear B2B equipment-supplier model (STERNA to OEMs) plus direct ATEA sales, with co-development contracts that can generate early, customer-funded revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One defence demonstrator is contracted/co-funded, and named partners (Airbus, Safran, Daher, Capgemini) indicate industry engagement.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue, with no financials, backlog value or runway disclosed in the materials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company itself indicates 'several hundred million' euros are still required to reach market — a very long road to revenue at scale, with limited independent validation of near-term contracts.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Funding & capital intensity — 45 (Caution)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Grant support is corroborated: Clean Aviation €5M (2025) and France 2030 'First Factory' €12.2M (2026); prior Series A of €21M (2023) is well documented.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A credible institutional investor base is named (Bpifrance, Expansion, Dassault family, M Capital, ARIS Occitanie).</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The headline '>€60M raised/deployed' is materially higher than independent database figures ($34–48M cumulative); the definition (equity vs. grants vs. committed-but-undrawn) is not reconciled.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Capital intensity is high relative to the €12.5M raised here, implying significant future dilution and financing risk.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms — 30 (Weak)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The round structure is described (nominee holding, €1,000 minimum, JEIR tax angle), and prior-round and grant context is provided.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €45M pre-money is asserted with no disclosed methodology and no third-party benchmark, and sits well above the last priced round (€21M, 2023) with no intervening priced round and no revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowd investors are nominee-held with no vote, and the core protection terms (share class, liquidation preference, anti-dilution, pre-emption, drag/tag, lock-up, vesting) are undisclosed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition — 58 (Caution)</span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strengths</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Positioned in certifiable, scalable, dual-use hybrid propulsion — a niche distinct from full-electric and hydrogen approaches, with some incumbents (e.g. Safran) acting as partners rather than only rivals.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weaknesses</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The markets are contested by well-capitalised incumbents and other eVTOL/hybrid players (Lilium, Joby, Archer, Vertical Aerospace, Zuri), and Ascendance's specific share is unproven.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Differentiation rests partly on company claims of maturity that are not independently validated against rivals.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Red flags and integrity checks</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation with no disclosed basis</span></strong><span style="color:black"> — The €45M pre-money is asserted with no methodology or third-party benchmark, and is well above the 2023 Series A (€21M) with no intervening priced round and no revenue. The entry thesis depends on an up-priced Series B that is planned but not secured.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Funding-figure discrepancy</span></strong><span style="color:black"> — The listing claims '>€60M' raised/deployed; independent databases (CB Insights, PitchBook) show roughly $34–48M cumulative. The company is internally consistent (its CCO is quoted at 'over €60M'), but the third-party trackers are materially lower and the definition is unreconciled.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Repeated schedule slippage</span></strong><span style="color:black"> — A 'first flight' has been forecast as imminent across 2024, 2025 and now 2026; certification is targeted only for 2029. The near-term catalyst sits within a pattern of delay.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Soft, drifting demand evidence</span></strong><span style="color:black"> — Preorders are non-binding LOIs whose count varies across sources (245 → 632 → 670); the '$2bn' figure is list value, not contracted revenue. Only 'first deposit-backed place-holders' have begun.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Defence 'contract' framing</span></strong><span style="color:black"> — The listing says the DGA 'has contracted'; public sources describe a co-funded R&D demonstrator (Delair DT46 Hybrid via the Agence Innovation Défense), not a disclosed production procurement contract. Defence revenue materiality is unproven.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Crowd investors structurally opaque</span></strong><span style="color:black"> — Investor-protection terms (share class, liquidation preference, anti-dilution, pre-emption, drag/tag, lock-up, vesting) are undisclosed, and shares are nominee-held with no individual vote. Investors cannot assess their downside protection before investing.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Independent third-party validation</span></strong><span style="color:black"> — Found for company identity, founder pedigree, grants and partnerships, and the defence demonstrator. Not found for the €45M valuation, the 82-patent count, specific performance percentages, the 632 preorder figure, or any contracted commercial revenue.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Data quality notes</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The most reliable parts of the source set are the company's identity, team pedigree, partnership and grant history, and the documented prior Series A — all corroborated by independent sources, which supports moderate confidence on team, technology credibility and competition framing. The single supplied source is the Sowefund public listing; no pitch deck, business plan, audited financials, founder CVs, full cap table or shareholders' agreement were provided, and no independent due-diligence report was available.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key gaps that limit the assessment: all binding investor-protection terms (share class, liquidation preference, anti-dilution, pre-emption, drag/tag, lock-up, founder vesting), the full cap table, audited financials and runway, the Series B size and price, and the basis for the €45M valuation. Confidence is therefore low on investor economics and downside protection, and moderate at best on commercial traction, which rests largely on company-stated, non-binding figures. Categories drawing on company-only data were scored conservatively and capped accordingly.</span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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EUR 140,0M
