Audientes A/S secures a loan of approx. DKK 7.5 million in order to reach value-adding objectives
This announcement contains insider information
Company announcement no. 06-2022
April 20, 2022
Audientes A/S today announces that it has secured a loan of DKK 7.5 million to enable the company to build further on the momentum gained from the recent market launch of Ven™ in India. Securing the loan means that Audientes will be able to reach important value-adding objectives in the coming months, prior to a more long-term capital raise.
Loan financing
Audientes has secured a loan of DKK 7.5 million to finance the manufacturing, marketing and sale of its self-fitting hearing aid Ven™ in order to further build business momentum, prior to executing on a future capitalization.
The loan has been secured for the purpose of financing the above-mentioned activities which the company believes are essential before pursuing a larger capitalization. The loan runs until the 20th of November 2022 with an interest rate of 2 percent per month and is intended to be either set off for shares/warrants in a future capitalization, or to be repaid in cash.
In connection with acquiring the loan, Sedermera Corporate Finance AB has been the financial advisor to Audientes.
Capital need
The company has an upcoming capital need of approx. DKK 50 million and the intention is to raise this amount through different tranches over the coming one-to-two years. The structure and sizes of the tranches will be evaluated at each given time and dependent on the company’s need at that specific time and on what is best for the Audientes’ development and the company’s shareholders. Audientes’ Board of Directors continuously evaluates the best alternatives for capital raising structures.
Meeting objectives for 2022
After launching Ven in March, Audientes is now moving the business into the next phase of growth. Based on mass production of Ven, and the associated increased marketing and sales efforts, the objective is to deliver on the sales target for 2022 in the range DKK 23-27 million, which was communicated in Company Announcement 03-2022.
Steen Thygesen, CEO Audientes A/S, comments:
“With the successful launch of Ven in India last month, we have a strong belief and expectation for a great sales start of our product. We have secured this loan so that we can continue to capitalize on the current momentum gained, and so that we can execute on our planned mass production and marketing and sales activities before we move into a larger capitalization round”, says Steen Thygesen, CEO, Audientes A/S.
For further information, please contact:
Steen Thygesen, CEO, Audientes A/S
Phone: +45 53 17 26 10
Email: st@audientes.com
Povl-André Bang Bendz, Chairman of the Board, Audientes A/S
Phone: +45 77 34 16 80
Email: pab@audientes.com
Certified Advisor
Kapital Partner A/S
Phone: +45 89 88 78 46
About Audientes A/S
Audientes A/S is a Danish technology company specializing in smart, self-fitting and affordable hearing aids. Audientes’ unique hearing aid solution, Ven™, is in the process of being rolled out in the Indian market, before being introduced to the US OTC marked and other markets thereafter. Audientes' mission is the help the 400+ million people globally suffering from disabling hearing loss who either do not have access to a hearing aid or who cannot afford one. Audientes is headquartered in Copenhagen and has a subsidiary in Hyderabad, India. In 2020 the company was listed on Nasdaq First North Growth Market Denmark (Ticker: AUDNTS).
For additional information please refer to the company’s websites, www.audientes.com