Artificial Solutions Announces Its Intention to Conduct a Directed New Share Issue
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Artificial Solutions® International AB (“Artificial Solutions”) (ASAI), the leading specialist in enterprise-strength Conversational AI, today announces its intention to conduct a directed new share issue (the “Directed share issue”) of up to approximately 4.3 million shares through a so called accelerated bookbuilding procedure (the “Bookbuilding”). The Directed share issue is intended to be directed towards Swedish and international institutional investors and certain private investors.
The Directed share issue is subject to a resolution by the Board of Directors of Artificial Solutions to issue new shares, pursuant to the authorisation granted by the annual general meeting held on 28th of February 2019. The Board of Directors can at any time choose to cancel the Bookbuilding, close earlier or later, and refrain from resolve to execute the Directed share issue.
The reasons for the deviation from the shareholders’ preferential rights are mainly to raise capital in a time efficient manner in order to cover operating deficit and provide funding for future growth of Artificial Solutions by the Directed share issue. Artificial Solutions is the leading specialist in enterprise-strength Conversational AI, a form of Artificial Intelligence that allows people to communicate with applications, websites and devices.
The subscription price for the new shares in the Directed share issue is to be determined through the Bookbuilding, which will begin no earlier than 17:31 today, 19th of June, 2019, and end before the commencement of trading on Nasdaq First North on 20th of June, 2019. The Bookbuilding may, at the discretion of Artificial Solutions or Erik Penser, close earlier or later and may be cancelled at any time.
The Board of Directors’ assessment is that the subscription price in the Directed share issue will be in accordance with market conditions as it will be established through negotiations at arm’s length between Artificial Solutions and the potential investors.
Erik Penser Bank AB is acting as financial advisors in connection with the Directed share issue. Cirio Law Firm is acting as legal advisor in connection with the Directed share issue.
For additional information, please contact:
Lawrence Flynn, CEO, Artificial Solutions
+46 8 663 54 50
Erik Penser Bank is appointed Artificial Solutions Certified Advisor at Nasdaq First North.
Tel: +46 8 463 80 00
This information is such that Artificial Solutions is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact persons above, on 19 June 2019 at 17:31 CET.
About Artificial Solutions
Artificial Solutions® (FNSE:ASAI), is the leading specialist in enterprise-strength Conversational AI, a form of Artificial Intelligence that allows people to communicate with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.
Designed for the global enterprise, the company’s advanced conversational AI platform, Teneo®, allows business users and developers to collaborate on creating sophisticated, highly intelligent applications that run across 35 languages, multiple platforms and channels in record time. The ability to analyze and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of insight that reveal what customers are truly thinking.
Artificial Solutions’ conversational AI technology makes it easy to implement a wide range of natural language applications such as virtual assistants, chatbots, speech-based conversational UIs for smart devices and more. It is already used daily by millions of people across hundreds of private and public sector deployments worldwide. For more information visit www.artificial-solutions.com
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In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
This press release is not a prospectus for the purposes of the Prospectus Directive and has not been approved by any regulatory authority in any jurisdiction. Artificial Solutions has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection with the Directed share issue .
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Directed share issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Managers. The Managers are acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.
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This press release does not constitute an invitation to warrant, subscribe, or otherwise acquire or transfer any securities in any jurisdiction. This press release does not constitute a recommendation for any investors' decisions regarding the Directed share issue . Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release.
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Information to distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Artificial Solutions have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Artificial Solutions may decline and investors could lose all or part of their investment; the shares in Artificial Solutions offer no guaranteed income and no capital protection; and an investment in the shares in Artificial Solutions is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Directed share issue.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Artificial Solutions.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Artificial Solutions and determining appropriate distribution channels.