Quarterly report 2 2024
Dear fellow shareholders,
We are pleased to report positive signs in our new business model. Since I recently became the CEO, both the net asset value and the share price have improved, showing strength in our strategy.
Our company is looking to invest in companies suitable for spinouts as dividends to our shareholders and to float their shares in suitable marketplaces. The first project is Mobintel.
Mobintel signed a term sheet in July with an Emeriti investment bank for a seven-year funding arrangement totalling USD 50 million, of which up to USD 38 million would be facilitated as revolving credit and USD 12 million as equity for 40 per cent of the new company. Should Mobintel successfully close the transaction the intention is that Innowearable AB will acquire the assets in Tekmovil LLC. We expect Mobintel to become the first exit as a dividend to our shareholders.
Besides Mobintel the management is looking at opportunities in Artificial Intelligence projects for healthcare and drug development, cyber security products, life science innovations and disruptive technologies.
Whilst the macroeconomic environment, financing conditions, and capital markets activity have improved, we continue to monitor geopolitical risks and macroeconomic developments and maintain our focus on performance.
Raytelligence intends to appoint senior advisors on geopolitical topics and economic trends, life science and mergers & acquisitions.
In the coming quarters, we focus on asset value growth. The Directors see progress in the new business model and are convinced that Raytelligence can be involved in several promising transactions. The reach outside Sweden is paving the road for multiple high-value opportunities.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant to investors' long-term goals. However, the market requires relevant and suitable information about the Group's development, thus Raytellegence publishes quarterly announcements with key operating data relevant to the business performance. In addition, a semi-annual report and a year-end report including financial statements and further information relevant to investors is published.
Ben Hedenberg,
Chief Executive Officer, Raytelligence AB (publ)
Financial Overview
|
Amounts in thousands kronor (TSEK) |
2024-04-01 |
2023-04-01 |
2024-01-01 |
2023-01-01 |
2023-01-01 |
|
|
2024-06-30 |
2023-06-30 |
2024-06-30 |
2023-06-30 |
2023-12-31 |
|
Net Sales |
- |
101 |
- |
204 |
334 |
|
Other operating income |
0 |
4 |
51 |
18 |
49 |
|
Operating expenses |
-965 |
-40 349 |
-2 836 |
-45 680 |
-71 078 |
|
Adjusted operating expenses |
-965 |
-40 244 |
-2 784 |
-45 458 |
-69 915 |
|
Financial income/loss, net |
-1 |
-68 |
-1 |
-125 |
-134 |
|
Profit/loss after tax |
-967 |
-40 313 |
-2 786 |
-45 582 |
-70 049 |
|
Earnings per share, SEK |
0 |
0 |
0 |
0 |
0 |
|
Equity per share before dilution |
0 |
0 |
0 |
0 |
0 |
|
Cash flow for the period |
-108 |
-19 |
-845 |
-1 332 |
-772 |
|
|
|
|
|
|
|
|
Total number of shares at end of period |
16 584 745 |
340 936 566 |
16 584 745 |
340 936 566 |
150 125 755 |
|
Average No. of shares after dilution |
392 292 856 |
311 977 396 |
486 701 933 |
231 950 752 |
64 662 527 |
|
Important events during the period |
|
- On April 22, 2024, Raytelligence held an extraordinary general meeting in Halmstad. The general meeting made a unanimous decision to change the articles of association in accordance with the proposal and to make a decision to set off debts against shares, among other things to the Company's CEO.
- Signs a letter of intent to divest the Eazense ONE and Inno-X™ projects at a value of USD 450,000 (equivalent to SEK 4.8 million), which exceeds book value.
- Fixed record date for the merger of shares to 29 May 2024, where 100 old shares become one new. As a result of the merger, Raytelligence changed its ISIN code. As of May 28, 2024, the share in the Company is traded with the new ISIN code SE0022088282.
- Raytelligence AB (publ) held an annual general meeting on 13 June 2023 at the company's premises in Stockholm.
- In June, the subsidiary Innowearable entered into a letter of intent regarding a reverse acquisition with Tekmovil LLC. The letter of intent refers to an acquisition of the assets in Tekmovil LLC, which is intended to be placed in a new company. The acquisition is intended to be financed through an offsetting issue, through which Tekmovil's owner becomes the majority owner of Innowearable, a so-called reverse acquisition. Innowearable's company name and business are then intended to change to Tekmovil's company name and business. After the transaction, Raytelligence will distribute the received shares in Innowearable to its shareholders.
- The board took out a loan of USD 150,000 in order to provide the Company with working capital to be able to evaluate new projects in the subsidiary, as well as alternative financing options.
|
Important events after the end of the period |
|
· In July 2024, the board of Raytelligence AB (publ) decided on a directed new issue of a maximum of 1,603,053 shares to Recession Investments, LLC ("Lender"). The subscriber has previously paid out loans to the Company totaling SEK 840,000. Payment for the newly issued shares will therefore be made by way of set-off. · On July 23, 2024, it was announced that Raytelligence had taken out a loan of SEK 547,000 from major shareholders. The loan can be repaid in cash or by offsetting against newly issued shares in the Company. · Raytelligence acquires Berndt Nilsson Human Resources AB (BNHR). The company has previously specialized in staff recruitment. BNHR has no employees and is based in Stockholm, Sweden. The company's operations will be changed and adapted to the new purpose. The purchase price is not material in relation to Raytelligence's market value and is not made public. · Mobintel, entered into a letter of intent with an Emirati investment bank. On June 17, 2024, Raytelligence published a press release that the subsidiary Innowearable had signed a letter of intent regarding the acquisition of the inchrome in Tekmovil LLC, which is intended to be placed in a new company. |
|
This report has not been the subject of a general review by the company's auditor.
August 23, 2024 Raytelligence AB (publ) The board For further information please contact: Ben Hedenberg, Managing Director Telephone +46 8-551 160 90 |
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This information is such that Raytelligence AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was provided, through the care of the above contact person, for publication on August 22, 2024 at 08:15 CET. |
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This is Raytelligence |
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Raytelligence's board is evaluating alternatives to increase shareholder value. Options such as merger and reverse acquisition are weighed against each other. The Company's key strategy is to identify and complete a combination with a business in any of the automotive, financial services, food technology, healthcare, cutting-edge technology and media sectors in Europe and Asia that can benefit from our management team's extensive experience and operational capabilities, although the Company retains themselves the right to pursue an earning opportunity in any company or industry. |
