Outcome in Bioservo Technologies AB’s rights issue

Bioservo Technologies AB's (publ) ("Bioservo" or the "Company") new issue with preferential rights for the shareholders (the "Rights Issue") was completed on October 10, 2022. The subscription summary shows that 45.2 percent were subscribed with and without the support of unit rights. The remaining part of the Rights Issue has been subscribed by the investors who guaranteed the issue, which means that the Rights Issue is fully subscribed and Bioservo will thus receive approximately SEK 30.3 million before issue costs. Those who have been allocated shares without the support of unit rights will shortly be notified via settlement notes or via their trustee.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, WITHIN OR INTO THE RUSSIAN FEDERATION, BELARUS, AUSTRALIA, HONGKONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE CONTRAVENING TO ANY APPLICABLE RULES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES IN BIOSERVO TECHNOLOGIES AKTIEBOLAG (PUBL).

"We are pleased to have secured capital for our continued commercialization and would like to thank existing shareholders and new investors for their faith in Bioservo. We have laid the foundation for the commercial organization and are now ready to address the market and help the individuals who are in need of grip strengthening aids, regardless of whether it is, for example, an employee in the heavy foundry industry or in leather processing or an individual with impaired hand function after a stroke. We see a high level of activity, both with our own sales organization and with our sales partners in our distribution network, and look to the future with confidence," says Petter Bäckgren, CEO at Bioservo.

Outcome
The subscription period for the Rights Issue ended on 10 October 2022 and the summary shows that 4,249,130 units, corresponding to 4,249,130 shares or 44.8 percent, were subscribed with the support of unit rights. In addition, the Company received expressions of interest for the subscription of an additional 38,800 units, corresponding to 38,800 shares or 0.4 percent, without the support of unit rights for a total subscription with and without the support of unit rights of 45.2 percent. The issue guarantors are thereby assigned the remaining part of the Rights Issue up to 100 percent subscription, which means that Bioservo will receive SEK 30.3 million before issue costs. Notification about allocation of shares subscribed without the support of unit rights will shortly be sent to those allocated shares via settlement notes. Trustee-registered shareholders receive notification of allocation in accordance with the respective trustee's routines. Allotment of shares subscribed without the support of unit rights has been carried out in accordance with the principles stated in the prospectus published on 21 September 2022.

Number of shares and share capital
After registration of the Rights Issue at the Swedish Companies Registration Office, the Company's share capital will increase by SEK 1,895,798.40 to a total of SEK 5,687,395.40. The number of shares in the Company will increase by 9,478,992 shares to a total of 28,436,977 shares. For existing shareholders who did not participate in the Rights Issue, this implies a dilution effect of approximately 33.3 percent of votes and capital in the Company.

Trading with BTU
Paid subscribed units (BTU) in the new issue are traded on the Nasdaq First North Growth Market under the short name BIOS BTU until the Rights Issue has been registered by the Swedish Companies Registration Office and will then be replaced by shares and options. Registration of the Rights Issue is expected to take place at the end of October 2022. 

Warrants
A total of 9,478,992 warrants are issued in connection with the Rights Issue and these will be admitted to trading on the Nasdaq First North Growth Market under the short name BIOS TO2. Holders of the warrants shall have the right, during the period from September 4, 2023 through September 18, 2023, for every two (2) warrants, to call for the subscription of one (1) new share in the Company. The subscription price for each share will correspond to 70 percent of the volume-weighted average price according to Nasdaq First North Growth Market's official price list for the share during the period August 21, 2023 to and including September 1, 2023, to a minimum of SEK 3.20 and a maximum of SEK 6.40 per share.

Advisors
Erik Penser Bank is financial advisor and Born Advokater is legal advisor to Bioservo in the Rights Issue.

For further information please contact
Petter Bäckgren, CEO
[email protected]
+46 8 21 17 10

Madeleine Börjesson, CFO
[email protected]
+46 8 21 17 10

The information in this press release is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on October 12, 2022 at 06:00 p.m. CEST.

About Bioservo Technologies
Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy, and efficient. The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength. Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

FNCA Sweden AB, +46(0)8-52800399, [email protected] is the company’s Certified Adviser on Nasdaq First North
For more information, please visit www.bioservo.com