DecideAct A/S Completes Capital Raise of DKK 17 million

DecideAct A/S [ACT], company announcement no. 16-2023

DecideAct A/S strengthens its balance sheet by a total of DKK 17 million through maximum proceeds from its Rights Issue of DKK 12 million and conversion of a loan of an additional DKK 5 million.

Proceeds from the Rights Issue
The subscription period in the rights issue (the "Rights Issue" or the "Issue") in DecideAct A/S ("DecideAct" or the "Company") ended on September 4, 2023, and the overall result of the rights issue is now available. Maximum proceeds of DKK 12 million were achieved through pre-subscription from key shareholders and public subscription of DKK 9.5 million and DKK 2.5 million in additional proceeds due to a partial call of the guarantee provided by Likan AG. In addition, a loan of DKK 5 million provided to the company by Likan AG is converted into shares in the Company, strengthening the balance sheet by a total of DKK 17 million.

Likan AG is a new anchor investor
Ali Arslan, the President of the Board of Directors of Likan AG, a financial holding and investment company based in Zurich, Switzerland, commented that DecideAct has succeeded in the now-completed public issue: "We see ourselves as a long-term investor in DecideAct and became corporate guarantor with the intention of contributing to a successful capital raise. Our subsequent involvement as a shareholder is an expression of our continued belief in DecideAct as an investment with reasonable long-term potential with Likan AG as one of the cornerstone investors."

Subscription percentage
The Rights Issue was subscribed to approximately DKK 9.5 million including pre-subscriptions of approximately 5.3 DKK million, which corresponds to a total subscription rate of approximately 79.3 percent. Due to the partial call on the guarantee of DKK 2.5 million, the result was a full (100%) coverage of the Rights Issue. Including the converted loan of DKK 5 million, the Company is provided with DKK 17.0 million in gross proceeds before the deduction of transaction-related costs, corresponding to a total of 141% of the shares offered in the Rights Issue.

Share capital and dilution
When the new shares from the Rights Issue have been registered with the Danish Business Authority, the share capital will have increased nominally 601,419.30 DKK, from nominally 1,202,838.60 DKK to 1,804,257.90 DKK. The total number of shares will increase by 6,014,193 shares, from 12,028,386 shares to 18,042,579 shares. After the registration of the conversion of debt with the Danish Business Authority, the share capital will have increased by an additional nominal amount of 250,000 DKK, from 1,804,257.90 DKK to 2,054,257.90 DKK. The total number of shares will increase by 2,500,000 shares, from 18,042,579 shares to 20,542,579 shares. The total dilution effect for shareholders who did not participate in the Rights Issue is therefore 41.4 percent.

The new shares subscribed for in the Rights Issue and the related capital increase are expected to be registered with the Danish Business Authority on Monday 11 September 2023.

CEO and Co-founder of DecideAct, Flemming Videriksen comments
"We are delighted with the trust and continued commitment from our core investors and are pleased to welcome new investors and to recognize our primary guarantor's transition to a key shareholder. The proceeds from the issue and the additional funds raised ensure the necessary capital base for our targeted efforts to break even in 2024 and to fulfill our strategic investments in the public market, sales through partnerships, and the development of intelligent solutions using artificial intelligence.”

Advisers
In connection with the Rights Issue, Gemstone Capital A/S acts as Financial Advisor, Keswick Global acts as Certified Advisor, Nordic Issuing AB acts as Issuing Agent and DLA Piper acts as Legal Advisor.