NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, OR IN ANY OTHER JURISDICTION WHERE THE PUBLICATION, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE ILLEGAL, SUBJECT TO LEGAL RESTRICTIONS, OR WOULD REQUIRE REGISTRATION OR OTHER ACTION.
EKOBOT AB (publ) (“Ekobot” or the “Company”) announces today the preliminary outcome of the rights issue of shares with subscription period from and including February 23, 2023, to and including March 9, 2023 (the “Rights issue”). The preliminary subscription summary indicates that 5,426,972 shares, corresponding to approximately 63.4 per cent of the Rights issue have been subscribed for with the support of subscription rights. 5,728,821 shares, corresponding to approximately 66.9 per cent of the Rights issue have been subscribed for without the support of subscription rights. Thus, the preliminary outcome indicates that the Rights issue is subscribed to approximately 130.3 per cent, implying that no underwriting commitments will be claimed. To meet the demand in the Rights issue, the board of directors may decide to fully utilise the directed over-allotment issue (the “Over-allotment issue”) of 2,141,182 shares, based on the authorisation from the extra general meeting on February 16, 2023. If the Over-allotment issue is fully utilised, the Company will receive approximately SEK 26.8 million in total from the Rights issue and the Over-allotment issue before issue costs, of which SEK 2.6 million will be paid by way of set-off against bridge loan. The net proceeds will be used to scale up the commercialisation that the Company commenced in 2022 and to strengthen the balance sheet.
CEO, Erik Jonuks, comments
“As CEO, I am very pleased with the outcome of our rights issue. The strong commitment from our existing shareholders is a testament to the high level of trust and belief in the company's great potential. It is also exciting to see such a strong interest from new investors, including significant demand from Danish investors. This capital injection will provide us with the resources we need to continue to grow and strengthen our market position, both in Sweden and in Europe. We look forward to an important and exciting 2023 cultivation season and are grateful for the continued support from our shareholders.”
The Rights issue in short
Individuals that were registered as shareholders as of the record date February 21, 2023, received one (1) subscription right for each existing share held in the Company. One (1) subscription right entitled to subscribe for two (2) new shares. In addition, it was possible to register for subscription of shares without the support of subscription rights. The subscription price in the Rights issue was SEK 2.50 per share.
Notice of final outcome and allocation
The final outcome of the Rights issue is expected to be announced tomorrow, March 14, 2023, and notice of allocation to all those who have subscribed for shares without subscription rights is expected to be distributed tomorrow, March 14, 2023.
Trading in BTA and conversion of BTA into shares
Trading in paid subscribed shares (“BTA”) continues until the Rights issue has been registered by the Swedish Companies Registration Office, which is expected to take place during week 12, 2023. As soon as the Rights issue has been registered, BTA will be converted into shares.
Advisors
Augment Partners AB is the financial advisor and Eversheds Sutherland Advokatbyrå AB is the legal advisor in connection with the Rights issue.
IMPORTANT INFORMATION
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES ISSUED BY THE COMPANY IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. IN A EUROPEAN ECONOMIC AREA ("EEA") MEMBER STATE, SECURITIES REFERRED TO IN THIS PRESS RELEASE MAY ONLY BE OFFERED PURSUANT TO APPLICABLE EXEMPTIONS IN REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF JUNE 14, 2017 (THE "PROSPECTUS REGULATION"). INVITATION TO CONCERNED PERSONS TO SUBSCRIBE FOR SHARES IN THE COMPANY HAS ONLY OCCURED THROUGH THE PUBLISHED EU GROWTH PROSPECTUS.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. THE SECURITIES MENTIONED HEREIN MAY NOT BE SOLD IN THE UNITED STATES WITHOUT REGISTRATION, OR WITHOUT APPLICATION OF AN EXEMPTION FROM REGISTRATION, AS APPLICABLE FROM TIME TO TIME IN THE U.S. SECURITIES ACT OF 1933 ("SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS THEY ARE REGISTERED, COVERED BY AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT. THERE IS NO INTENT TO REGISTER ANY SECURITIES MENTIONED HEREIN IN THE UNITED STATES OR TO MAKE A PUBLIC OFFERING OF SUCH SECURITIES IN THE UNITED STATES. THE INFORMATION CONTAINED IN THIS PRESS RELEASE MAY NOT BE PUBLISHED, PUBLISHED, COPIED, REPRODUCED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR TO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTIONS WHERE SUCH DISCLOSURE, PUBLICATION OR DISTRIBUTION OF THIS INFORMATION WOULD CONFLICT WITH APPLICABLE REGULATIONS OR WHERE SUCH ACTION IS SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE ADDITIONAL REGISTRATION OR ACTIONS OTHER THAN WHAT RESULTS FROM SWEDISH LAW. ACTIONS CONTRARY TO THIS INSTRUCTION MAY CONSTITUTE VIOLATIONS OF APPLICABLE SECURITIES LAWS.
TO THE EXTENT THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, SUCH STATEMENTS DO NOT REPRESENT FACT AND ARE INCLUDED BY WORDS SUCH AS "SHOULD," "EXPECT," "BELIEVE," "ESTIMATE," "INTEND," "INTEND," "ASSUMP" AND SIMILAR EXPRESSIONS. SUCH STATEMENTS EXPRESS EKOBOT'S INTENTIONS, OPINIONS, OR CURRENT EXPECTATIONS OR ASSUMPTIONS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND FORECASTS WHICH EKOBOT HAS MADE TO THE BEST OF ITS ABILITY BUT WHICH EKOBOT DOES NOT ASSUME WILL BE CORRECT IN THE FUTURE. FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES WHICH ARE DIFFICULT TO PREDICT AND GENERALLY CANNOT BE AFFECTED BY EKOBOT. IT SHOULD BE NOTED THAT ACTUAL EVENTS OR OUTCOME MAY DIFFER MATERIALLY FROM THOSE INCLUDED IN, OR EXPRESSED IN, SUCH FORWARD-LOOKING STATEMENTS.
