Precise Biometrics: Rights issue on the way - ABG

Fully secured SEK ~50m rights issue
Enables expansion plans
Implies post-money valuation of SEK ~125m upon full subscription


Terms of the rights issue

The company resolved on a fully secured rights issue of SEK ~50m with existing shareholders and external investors that have entered subscription commitments. Existing shareholders have entered into subscription commitments for ~4% of the issue. Additionally, two types of underwriting commitments, called "bottom underwriting" and "top underwriting", further secure ~76% and 20% of the issue, respectively. The bottom underwriting type will receive a compensation of 12% of its pro-rata share in cash or equity and the top underwriting type will receive a compensation of 14% of its pro-rata share in cash for the respective commitments. A full subscription would mean that the company receives net cash of SEK 40.5m (SEK 49.5m rights issue less SEK 9.0m estimated issue costs).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Precise-Biometrics/Equity-research/2023/4/precise-biometrics---rights-issue-on-the-way/