Polymer Factory signs subscription commitments with all board members, CEO, and external investors in conjunction to planned rights issue
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The Board of Directors of Polymer Factory Sweden AB (“Polymer Factory” or the “Company”) has, as previously communicated, resolved to carry out a rights issue of shares of approx. SEK 8.8 million, before deduction of transaction related costs (the “Rights Issue”). In conjunction with the planned Rights Issue, Polymer Factory hereby announces that the Company has entered into subscription agreements corresponding to approx. 34 percent (SEK 3.0 million) of the total issue amount that has been signed by all board members in Polymer Factory, the Company's CEO, and external investors.
In conjunction to the planned Rights Issue, members of the Board of Directors and management of Polymer Factory signed letters of intent to subscribe for a total of approx. SEK 2 million in the Rights Issue. This intention has now been replaced by binding subscription commitments. The subscription commitments from board members and management correspond to a total of approx. SEK 2 million of the Rights Issue. Additional subscription commitments of approx. SEK 1.0 million have been signed by external investors. Aggregated subscription commitments amount to approx. SEK 3.0 million, corresponding to 34 percent of the Rights Issue.
More information, including full terms and conditions, about the Rights Issue will be available in the memorandum which is expected to be published on the Company’s website (www.polymerfactory.com) around 23 February 2023.
Subscription commitments by board members and CEO
| Name/Company | Position in Polymer Factory | Number of shares | Amount (SEK) |
| Anders Hult | Board Member | 312,500 | 500,000.00 |
| Mats Wallnér* | Board Member | 312,500 | 500,000.00 |
| Eva Malmström Jonsson | Chair of the Board | 312,500 | 500,000.00 |
| Michael Malkoch** | Board Member & CTO | 250,000 | 400,000.00 |
| Elin Mignérus | CEO | 62,500 | 100,000.00 |
| Leif Gustafsson Gynnerstedt | Board Member | 11,152 | 17,843.20 |
| Totalt | 1,261,152 | 2,017,843.20 |
*Subscription will take place through the company Nordicblue AB.
**Subscription will take place through the company SCEM Consulting AB.
The Rights Issue in brief
- The Board of Directors resolved on the Rights Issue on 27 January 2023. The resolution is subject to approval by an Extraordinary General Meeting planned to be held on 15 February 2023.
- The Rights Issue can provide Polymer Factory proceeds of a maximum amount of approx. SEK 8.8 million before deduction of transaction related cost.
- The purpose of the Rights Issue is to finance a continued acceleration of sales by, among other things, increase sales and marketing activities, employ an additional sales resource, expansion of the organization by adding resources to meet increased demand, and continued development of the Company’s portfolio of IP rights and ISOs.
- The subscription price has been set to SEK 1.60 per share.
- Existing shareholders will receive one (1) subscription right for each share held on the record date on 22 February 2023. Five (5) subscription rights entitle the holder to subscribe for four (4) new shares.
- The subscription period will run from 24 February 2023 until and including 10 March 2023.
