CLS: Directed offset issue to underwriters - Redeye

Redeye shortly comments on CLS’ announcement regarding its directed offset issue to underwriters. In relation to the previously completed rights issue, underwriters had the choice of remuneration in cash or the form of new units. The remuneration issue comprises a total of 1,254,240 new units, consisting of a total of 31,356,000 new B-shares and 6,271,200 new warrants of series TO6B. The number of shares increases from 1,304,402,489 to 1,335,758,489 (including 600,000 A-shares) and the company’s share capital increases by around SEK362,096 to approximately SEK15,425,207. We adjust our model accordingly to the announcement (increase the number of shares and decrease the estimated rights issue costs with cSEK2.7m). Moreover, as the number of warrants of series TO6B increases, CLS could receive up to SEK46.9m (before costs) during 2024 if fully subscribed at the maximum subscription price of SEK0.2. However, we continue to estimate TO6B with current share price levels which would provide the company with around SEK20m (before costs and if fully subscribed). We are positive that underwriters have chosen units instead of cash as it shows their belief in the company and improves CLS’ financial position. Lastly, the adjustments in our model do not render any changes in our valuation, including a base case of SEK0.4.

Länk till analysen i sin helhet: https://www.redeye.se/research/922723/cls-directed-offset-issue-to-underwriters?utm_source=finwire&utm_medium=RSS