AcouSort's rights issue fully subscribed
AcouSort AB (publ) ("AcouSort" or the “Company") announces today the final outcome of the rights issue of units with pre-emption rights for the Company’s shareholders, consisting of shares and series TO 2 warrants, which concluded on November 30, 2023 (the “Rights Issue"). The Rights Issue has been subscribed to a total of 100.0 percent, of which approximately 70.8 percent was subscribed with the support of subscription rights and approximately 29.2 percent was subscribed without the support of subscription rights. Through the Rights Issue, AcouSort is thus receiving approximately SEK 24.8 million before transaction costs. In the event of full exercise of all series TO 2 warrants ("Warrants") within the issued units, the Company may receive an additional approximately SEK 11.6 million.
THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SWITZERLAND, United kingdom, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS WHOLLY OR PARTIALLY SUBJECT TO LEGAL RESTRICTIONS. SEE ALSO THE "IMPORTANT INFORMATION" SECTION BELOW.
The subscription period for the Rights Issue expired on November 30, 2023, and the compilation shows that 390,825 units, equivalent to approximately 70.8 percent of the Rights Issue, were subscribed with the support of subscription rights. Additionally, another 161,173 units were subscribed without the support of subscription rights, equivalent to approximately 29.2 percent of the Rights Issue. Therefore, no underwriting guarantees were utilized. The Rights Issue is fully subscribed to 100.0 percent, and AcouSort is thereby receiving approximately SEK 24.8 million before transaction costs.
Notification of allocation of units subscribed without the support of unit rights will be sent shortly to those who have been allocated units through a settlement note. The subscribed and allocated units must be paid in cash according to the instructions on the settlement note. Shareholders registered with a nominee will be notified of their allocation in accordance with the nominee's procedures. Allocation of units subscribed without the support of unit rights has been carried out in accordance with the principles set out in the information memorandum published by the Company on 14 November 2023. Each unit consists of three (3) shares and one (1) Warrant.
"As CEO, I am overwhelmed by the support we have received from our existing shareholders and warmly welcome new shareholders. Through the fully subscribed rights issue, we can continue to strengthen our commercial capacity and expand our presence in North America, Europe, and selected Asian markets. Thank you for your continued support," comments CEO Torsten Freltoft.
NUMBER OF SHARES AND SHARE CAPITAL
Through the Rights Issue, the share capital in the Company increases by SEK 165,599.40, from SEK 1,324,796.40 to SEK 1,490,395.80, and the number of shares increases by 1,655,994 shares, from 13,247,964 shares to 14,903,958 shares, corresponding to a dilution effect of approximately 11.1 percent. Upon full exercise of all issued Warrants, the share capital will increase by an additional SEK 55,199.80 and the number of shares by an additional 551,998 shares, corresponding to a dilution effect of approximately 3.6 percent.
TRADING IN BTU
Trading in paid subscribed units (BTU) is currently conducted on Nasdaq First North Growth Market under the ticker ACOU BTU until when the Rights Issue has been registered with the Swedish Companies Registration Office, which is expected to take place around week 50, 2023. Thereafter, after approximately one week, BTU will be converted into shares and Warrants and admitted to trading on Nasdaq First North Growth Market.
UNDERWRITING COMMITMENTS
Compensation for underwriting commitments amounts to eleven (11) percent of the underwriting amount in cash compensation.
WARRANTS
One (1) Warrant entitle the holder to subscribe for one (1) new share in the Company during the period from and including 10 March 2025 up to and including 24 March 2025, at a subscription price of SEK 21 per share. Upon full exercise of all issued Warrants, the Company may additionally receive at most MSEK 11.6 before transaction costs.
ADVISORS
Penser By Carnegie, Carnegie Investment Bank AB (publ) is the financial advisor and Fredersen Advokatbyrå AB is legal advisor to AcouSort in connection with the Rights Issue. Erik Penser Bank AB is the issuing agent.
