Cline Scientific: Cline is carrying out a new share issue

The board of Cline Scientific AB (“Cline” or “The Company”) has, with the support of the authorization from the annual general meeting on April 20, 2022, decided to carry out a new share issue with priority for existing shareholders. The rights issue increases the share capital by a maximum of SEK 963,561.20 through the issue of a maximum of 542,986 shares of series A and a maximum of 9,092,625 shares of series B. The new issue adds approximately SEK 6.3 million before issue costs in case of full subscription.

 After a few years of selling its patented nanotechnology, Cline has chosen to focus most of its operations on the company's stem cell therapy project StemCART. This is run with a solid group of advisors from Gothenburg University and with the support of orthopedic surgeons at Sahlgrenska University Hospital and Halland Hospital Varberg. The project has reached the latter part of the pre-clinical phase where it is relevant to start the preparations for the clinical development. The present new issue is made to cover expenses for:

• Start of regulatory documentation
• Start of collaboration with contract manufacturers of clinical batches of StemCART
• Accelerated laboratory and clinical studies
• As well as capital to strengthen working capital

Conditions for the new issue

The right to subscribe primarily belongs to the company's shareholders, who receive a subscription right for each share, but other private and institutional investors are also welcome to subscribe.

For each (1) existing A share, one (1) series A subscription right is obtained, and for each existing B share, one (1) series B subscription right is obtained. Two (2) subscription rights are required to subscribe for one (1) new share in the respective series. Each issued share has a quota value of SEK 0.10 per share.

The issue price is SEK 0.65 per share.

Shares that are not subscribed with pre-emptive rights shall be allocated primarily to those who subscribed for shares with the support of subscription rights and who wish to subscribe for additional shares, (regardless of whether they were shareholders on the record date or not), pro rata their subscription with the support of subscription rights, and, in insofar as this cannot happen, by drawing lots. After that, any remaining shares must be distributed to the new investors who subscribed to the issue.

The new shares that are added to the issue are entitled to a dividend for the first time on the dividend record date that falls closest after the new shares have been entered in the share register at Euroclear Sweden AB.

Schedule for the rights issue

• The record date for the allocation of subscription rights is 2 May 2023.
• The last day for trading in the share, including subscription rights, is April 27, 2023.
• First day of trading in shares excluding subscription rights is April 28, 2023.
• Subscription period 8 May – 25 May 2023.
• Subscription with preferential rights takes place by payment no later than May 25, 2023.
• Subscription without preferential rights can take place during the same period.
• Trading in series B warrants will take place on First North during the period May 8 – May 22, 2023.
• Trading in BTA of series B will take place from and including 8 May 2023 until the shares are registered with the Swedish Companies Registration Office, which is expected to take place in mid-June 2023.

The complete issue memorandum and registration forms will be published on the Company's website www.clinescientific.com and Nordic Issuing's website www.nordic-issuing.se  before the subscription period starts.

The company is listed on the Nasdaq First North Growth Market. Redeye AB is Cline Scientific's Certified Adviser. 

This information is information that Cline Scientific is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact person set out above, at 13:15 CEST on 17 April 2023.

For more information, please contact:
Patrik Sundh, CEO
Email: [email protected]
Phone: +46 703-585 088