CYBER1 Carries Out Directed Set-Off New Issue
Stockholm, 28 March 2023 – pursuant to authorization granted by the annual general meeting on 25 May 2022 the board of directors in Cyber Security 1 AB (publ) (the "Company") has resolved on a directed set-off issue of 4,615,385 new shares at a subscription price of EUR 0.0130 per share.
Each share is issued at a subscription price of EUR 0.0130, corresponding to the volume-weighted average price, without rebate, for the company’s share on Nasdaq First North during the period from and including 10 March 2023 up to and including 24 March 2023 (last 10 trading days before the new issue resolution) (VWAP). Considering the pricing method applied, the board considers that the subscription price is set on fair market terms and conditions. Excess amounts shall be allocated to the free premium fund.
The share issue will increase the number of outstanding shares in Cyber 1 from 1,021,313,480 to 1,025,928,865. The share capital will increase by approximately 1,204.61 EUR, from approximately EUR 267,410.07 to approximately EUR 268,614.69. Dilution from the share issue amounts to approximately 0.45 percent of share capital and votes.
The new issue is directed to a supplier of services to the Company, with share payment made by set-off of invoice claims on the Company. A set-off new issue deviating from preferential rights for shareholders provides for cashflow efficient debt settlement while strengthening the Company’s balance sheet and solvency. In addition to the above and in light of the fair market subscription price and the relatively marginal dilution resulting from the new issue, the board of directors’ assessment is that a directed share issue is the most favourable alternative for the Company and shareholders, particularly considering that a preferential new issue is not a practically viable alternative given the circumstances described above.