Observe Medical ASA – Participation in the Private Placement by Primary Insiders and their Close Associates
Oslo, 25 June 2024
Reference is made to the announcement made by Observe Medical ASA (the "Company" or "Observe Medical", and, together with its subsidiaries, the "Group", OSE ticker "OBSRV") yesterday, on 24 June 2024, regarding the successfully placed private placement of new shares in the Company to raise gross proceeds of NOK 22 million (the "Private Placement").
The Company is in this respect pleased to announce that members of the board of directors and members of the management or their close associates have been allocated shares in the Private Placement, as set out below:
Terje Bakken (Chair)(through Kikinn Invest AS), Line Tønnesen (Board member), Kathrine G. Andreassen (Board member)(through Soleglad Invest AS), Eskild Endrerud (Board member)(directly and through Athend Holding AS) – shares for in total NOK 1,100,000.
Jørgen Mann (CEO), Rune Nystad(CDO), Johan Fagerli (CFO) – shares for in total NOK 650,000.
In addition, Ingerø Reiten Investment Company AS (represented on the board by Terje Bakken) has been allocated shares for NOK 2,250,000, and ELI AS (represented on the board by Eskild Endrerud) has been allocated shares for NOK 1,200,000.
In connection with the Private Placement the Company has received commitments for approximately NOK 25 million, which is in the higher end of the original range of NOK 21-26 million, when including the conditional investment undertaking of USD 300,000 from Jiangsu Hongxin Medical Technology Co., Ltd, which is the Company's largest partner within manufacturing and supply of the group's branded medical products. Reference is in this respect made to the Group's announcement regarding such commitment on 24 June 2024.
“We are very pleased and appreciative for the strong vote of confidence demonstrated from our investors, including both primary insiders and our key strategic partner. This participation underlines their deep belief in Observe Medical's future potential and commitment to the company's long-term success,” said Jørgen Mann, CEO of Observe Medical.
The allocation to the above primary insiders and their close associates is conditional upon inter alia the extraordinary general meeting (the "EGM") resolving to issue shares in tranche 2 of the Private Placement. More information about the primary insiders' and their close associates' participation, including for purposes of complying with disclosure requirements pursuant to Article 19 of Regulation EU 596/2014 (the EU Market Abuse Regulation), will be published following the EGM. Reference is made to the announcement regarding the Private Placement for additional information about the Private Placement and the upcoming EGM.
For further information, please contact:
Jørgen Mann, Interim CEO Observe Medical
Mobile: +45 408 67 558
E-mail: [email protected]
Johan Fagerli, CFO Observe Medical
Mobile: +47 958 12 765
E-mail: [email protected]
This information is subject to the disclosure requirements in section 5-12 of the Norwegian Securities Trading Act.
About Observe Medical:
Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and commercialisation of its broad portfolio of medical technology products, mainly in urine measurement and ultrasound, in combination with targeted M&A and distribution. Observe Medical is working with a network of leading distributors to provide outstanding solutions for healthcare professionals globally.
The Company is headquartered in Oslo, Norway.
Further information is available at www.observemedical.com.