Conversion of MSEK 50 of outstanding loan amount under convertible bonds 2020/2025 (KV4)

Holders of convertible bonds 2020/2025 (“KV4”) in Swedish Stirling AB (publ) (“Swedish Stirling” or the “Company”) have today requested conversion of MSEK 50, corresponding to 50 per cent of the outstanding loan amount under KV4, into ordinary shares in the Company, in accordance with previous conversion undertakings as disclosed on 9 November 2022. As a result of the conversion, a total amount of 44,247,787 new ordinary shares are issued in the Company at a conversion price of SEK 1.13.

Convertible bond holders of KV4 have, in accordance with previous conversion undertakings, requested conversion of 50 per cent of the total outstanding loan amount under KV4, corresponding to MSEK 50, into new ordinary shares in the Company. The conversion price has, in accordance with the terms and conditions of KV4, been set at SEK 1.13, corresponding to the subscription price in the rights issue resolved by the Board of Directors of the Company on 29 November 2022.

As a result of the conversion, Swedish Stirling’s share capital will increase with SEK 442,477.87, from SEK 1,284,192.53 to SEK 1,726,670.40, and the number of ordinary shares will increase by 44,247,787 ordinary shares, from 128,419,253 ordinary shares to 172,667,040 ordinary shares, corresponding to a dilution of approximately 25.6 per cent of the total number of shares in Swedish Stirling after the conversion (the share information provided is not taking into account the shares that will be issued in the rights issue). Following the conversion, the remaining convertible loan amounts to MSEK 50.

The convertible bond holders have undertaken not to dispose of any ordinary shares that result from the conversion up to and including 180 days after the announcement of the final outcome of the rights issue (expected on or about 23 December 2022).