Brighter draws down the second tranche under the financing agreement with L1 Capital and issues additional free warrants to its shareholders.
Brighter has called upon a second Tranche of SEK 10 million in line with the terms from the financing agreement communicated on the 26thof April 2017. The transaction is carried out through a private placement of convertible notes with warrants attached. It is the second tranche out of a total of up to 8 tranches totaling SEK 100 million. It is precised that SEK 29.7 million of Notes of the first Tranche out of the SEK 30 million have been converted into equity as of today, strengthening the company’s balance sheet.
This investment as part of the agreement as such, serves as a great foundation regarding availability of financial resources for the company’s continuous strategic and product development and enables Brighter to make further progress preparing for the launch and production of Actiste on national and international markets.
In connection with this transaction, Brighter will also issue free warrants to existing shareholders, to protect them against dilution. One (1) free shareholder warrant will be allocated for fifty five (55) shares held on the 14thtrading day following the date of this press release.
Highlights about the transaction:
- Second Tranche Request as a Private placement of SEK 10 million launched today through the issuance of Notes with Warrants attached.
- Upon the full exercise of the Warrants of the first and second Tranche and the Shareholders Warrants, the investment can reach an additional SEK 45.5 million.
- The Warrants have a maturity of three (3) years from today and are immediately detached from the Notes. Each Warrant gives right to subscribe for one (1) new share (subject to standard adjustments) in Brighter at a fixed strike price representing a 30% premium to the reference price on the issuance date of the Warrants. The strike price for Warrants under the second Tranche is set at SEK 6.01.
- The Warrants will be admitted to trading on Nasdaq First North.
- Assuming the exercise of all the Warrants over the next 3 years, the Investor will be entitled to subscribe for a further maximum number of 831,946 shares, subject to standard adjustments.
- Principal amount of SEK 100,000 per Note.
- Interest free.
- Maturity of 18 months.
- Conversion price 6% discount over the reference price. (Reference price is the lowest daily volume weighted average price (VWAP) during the past 15 trading days).
- Brighter has the option to remit cash or shares in the capital.
- Maturity of three (3) years.
- Strike price is the tranches issuance reference price plus 30%.
- Number of Warrants per tranche to the Investor is the tranche amount divided by (strike price multiplied by two).
- As close as possible to 130% of Warrants are issued to Brighter’s shareholders per tranche as a protection mechanism against dilution.
The terms and conditions of the Notes and the Warrants will also be published on Brighter's website (http://brighter.se/en/investors/documents/).
For more information, please contact:
Truls Sjöstedt, CEO
Tel: +46 709 73 46 00
Henrik Norström, COO
Tel: +46 733 40 30 45
One of Brighter’s healthtech solutions is the Diabetes Management subscription service solution Actiste® simplifies insulin-treated diabetes by gathering all the most important daily routine functions in a unified connected device with which the person living with diabetes can measure blood sugar levels, set dosage and inject insulin, as well as automatically log and share information.
About Brighter AB (publ)
Brighter develops solutions for data-driven and mobile health services. Through its intellectual property and its first launch Actiste®, the company creates a more efficient care chain with focus on the individual. The goal is to simplify, streamline and enhance the information flow of relevant and reliable data between the patient and health care professionals. Brighter is initially focused on diabetes care, but there are opportunities in the future to operate on a broader level, spanning more diseases and treatment approaches. This is done through The Benefit Loop®, Brighter’s cloud-based service that continuously collects, analyzes and shares data on the user's terms.
The Company's shares are listed on NASDAQOMX First North/BRIG. Brighter’s Certified Adviser on Nasdaq OMX First North is Remium Nordic AB +46 (0)8 – 454 32 50, CorporateFinance@remium.com, www.remium.com.
This information is information that Brighter AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:45 CET on September 11, 2017.
This press release contains inside information as referred to in article 7 paragraph 1 of Regulation (EU) 596/2014 (Market Abuse Regulation).
With respect to Member States of the European Economic Area that have transposed European Directive 2003/71/EC of the European Parliament and European Council (as amended in particular by Directive 2010/73/EU to the extent that the said Directive has been transposed into each Member State of the European Economic Area), no action has been taken or will be taken to permit a public offering of the securities referred to in this press release requiring the publication of a prospectus in any Member State.
This press release and the information it contains do not, and will not, constitute an offer to subscribe for or sell, nor the solicitation of an offer to subscribe for or buy, securities of Brighter in the United States of America or any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), it being specified that the securities of Brighter have not been and will not be registered within the US Securities Act. Brighter does not intend to register securities or conduct a public offering in the United States of America.