Summary of the Offering
The Offering consisted of 5,000,000 Units. Each Unit consists of one (1) share and one (1) warrant of series TO1, i.e. 5,000,000 shares and 5,000,000 warrants of series TO1 will be issued. The subscription price was SEK 10 per Unit, corresponding to SEK 10 per share and a company valuation of SEK 231 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 during the period from May 30, 2022, through June 10, 2022. The subscription price for the subscription of shares through the utilization of the warrants is SEK 20 per share.
The Company will issue 5,000,000 new shares following which the Company’s share capital will amount to SEK 702,544.375 divided into 28,101,775 shares with a quota value of SEK 0.025 each. In order to accommodate as many subscribers as possible and increase the free float of the Company’s share capital, the board of directors decided to reduce the allocation to Östersjöstiftelsen to the effect that Östersjöstiftelsen will be allocated Units corresponding to approximately SEK 18.1 million out of its total conditional subscription commitment of SEK 20 million, whereas all other subscribers will receive full allocation. Following the Offering, the Company will have 1,384 shareholders in Sweden, Denmark, and Norway.
Although the Offering was oversubscribed by approximately 4%, the board of directors had as previously announced resolved only to exercise the oversubscription option in full and only if the Offering was more than 50% oversubscribed and consequently, the oversubscription option will not be exercised.
Translution Capital was the Company’s exclusive financial advisor in the Offering. Nordnet Bank was selling agent in the Offering, whereas DNB was the Company’s issuing agent, and Advokatfirman Lindahl KB was the Company’s legal advisor in connection with the Offering.
The press release can be found here