
Summary of the Offering
The Offering consisted of 2,300,000 Units. Each Unit consists of three (3) new shares and one (1) warrant of series TO1, i.e. 6,900,000 shares and 2,300,000 warrants of series TO1 will be issued. The subscription price was SEK 19 per Unit, corresponding to SEK 6,5 per share and a company valuation of approximately SEK 200 million before the Offering. The warrants were issued free of charge. Each warrant of series TO1 entitles the holder to subscribe for one (1) share in the Company a 14-day period following the publication of the Company’s Q1 2023 report.
The subscription price for the subscription of shares through the utilization of the warrants will correspond to 70 percent of the Volume Weighted Average Price (VWAP) of Bawat’s shares on Nasdaq First North Premier Growth Market in the ten-day period leading up to two trading days before the publication of the Company’s Q1 2023 report but at least SEK 6.2 and not more than SEK 13.
Final outcome
The Company will issue 5,446,218 new shares corresponding to a share capital of SEK 35,400,417 divided into 36,265,431 shares with a quota value of SEK 0.0165 each. Following the Offering, the Company will have 730 shareholders in Denmark, Finland, Norway and Sweden. As the Offering was subscribed by approximately 79%, the oversubscription option of up to 1,150,000 additional Units will not be used.
Advisors
Translution Capital was the Company’s exclusive financial advisor in the Offering. Nordnet Bank was selling agent in the Offering, whereas Nordic Issuing was the Company’s issuing agent, and Advokatfirman Lindahl KB was the Company’s legal advisor in connection with the Offering.