Artificial Solutions has carried out a directed share issue raising proceeds of MSEK 65,7
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The Board of Directors of Artificial Solutions® International AB (FNSE:ASAI), (“Artificial Solutions” or the “Company”) has, based on the authorisation given by the Company’s Annual General Meeting that was held on 28 February 2019, resolved on a directed share issue of 2 736 847 new shares at a subscription price of SEK 24.0 per share (the “Directed share issue”), corresponding to proceeds of SEK 65,7m before transaction costs. The subscription price in the Directed share issue has been determined through an accelerated book building procedure, i.e. negotiations at arm’s length between Artificial Solutions and the potential investors, and corresponds to a discount of 12,0 percent compared to the volume weighted average price in the last ten trading days in the Company’s share on Nasdaq First North. The board of directors therefore assess that the subscription price is in accordance with market condition. The number of issued shares corresponds to an ownership of 11,1 percent in the Company after the Directed share issue.
The largest investor in the Directed share issue is AFA Försäkring that was allocated 1 460 000 shares, corresponding to an ownership of 5,9 percent in the Company after the Directed share issue. Additionally, C WorldWide Asset Management was allocated 700 000 shares, corresponding to an ownership of 2,8 percent in the Company after the Directed share issue. 267 000 shares where subscribed by lenders of short-term loans granted to the Company and payment for the shares will be made through offsetting the short-term debt. The remaining 309 847 shares were subscribed by a smaller group of certain private investors.
The Board of Directors of Artificial Solutions has decided to deviate from the shareholders’ preferential right to ensure a time and cost-effective financing process and in order to cover operating deficit and provide funding for future growth of Artificial Solutions by the Directed share issue.
The Directed share issue entails a dilution of approximately 11,1 percent of the share capital in relation to the number of shares in Artificial Solutions after the Directed share issue, through an increase in the number of outstanding shares by 2,736,847 shares from 21,973,818 to 24,710,665 shares and a share capital increase by SEK 4,926,324.68 from SEK 39,552,873.07 to SEK 44 479 197,75.
Erik Penser Bank acted as financial adviser and Cirio Law Firm acted as legal adviser in connection with the Directed share issue.
For additional information, please contact:
Lawrence Flynn, CEO, Artificial Solutions
+44 7786 332 277
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 20 June 2019 at 08:50 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.
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 International AB may decline and investors could lose all or part of their investment; the shares in Artificial Solutions International AB 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.