Bioretec has applied for its shares to be listed on Nasdaq First North Growth Market Finland
Bioretec Ltd Company release 20 September 2021 at 12.45 p.m.EEST
Bioretec Ltd ("Bioretec" or the "Company") announces that it has today submitted a listing application with Nasdaq Helsinki Ltd for listing of the Company's shares (the "Shares") on Nasdaq First North Growth Market Finland maintained by Nasdaq Helsinki Ltd ("First North") under the trading code "BRETEC" (the "Listing"). Trading in the Shares on First North is expected to commence on or about 28 September 2021.
Subject to the listing application of the Company being approved, Nordic Certified Adviser AB will act as Bioretec's certified adviser in accordance with the Nasdaq First North Growth Market Rulebook.
The Company will publish a Finnish-language company description prepared in accordance with the Nasdaq First North Growth Market Rulebook. The company description will be published on the website of the Company at www.bioretec.com/listautuminen on or about 24 September 2021.
Recent events and the objectives of the Listing in brief
Bioretec announced on 7 June 2021 that it will commence an initial public offering and that it had applied for the Company's Shares to be listed on First North. However, Bioretec announced on 17 June 2021 that the Company's Board of Directors had decided to cancel the initial public offering and the listing of the Company's Shares on First North based on the conclusion of the sole global coordinator and bookrunner of the initial public offering, that the initial public offering could not be completed. The initial public offering, including the over-allotment option, was oversubscribed within the subscription period, but not to a sufficient degree such that the development of Bioretec's share on the secondary market could be expected to be beneficial to Bioretec and the subscribers.
The Company completed a separate share issue against payment in cooperation with Springvest Oy in June 2021 after the cancelation of the listing and the initial public offering. The share issue was oversubscribed and discontinued, due to the oversubscription, four hours after the commencement of the subscription period on 22 June 2021. According to the Company's assessment, both the cancelled initial public offering and the completed share issue indicated that there would be demand for the shares of the Company and thus, the Company's Board of Directors has decided to submit a listing application to Nasdaq Helsinki Ltd to list the Shares of the Company on First North without an initial public offering to be executed purely for the Listing.
The Listing is expected to increase the general interest of investors, clients, surgeons and business partners towards the Company, as well as enhance the Company's attractiveness from the perspective of potential employees and its ability to engage its current employees with the Company's activities. In addition, the Listing is expected to enable a liquid market for the Company's Shares and potentially the seeking of a broader and more versatile investor base in the future.
Tomi Numminen, Chairman of the Board of Directors of Bioretec comments:
"The extremely experienced group of experts behind Bioretec has, with the support of the appreciated scientific advisory board, made innovations and commercialized those effectively throughout the history of Bioretec. In my view, the RemeOs™ products have genuine potential. Those answer to the need for safer and better treatment and simultaneously enable cost savings– in a world, where the need for treatment of traumas is increasing. I believe that Bioretec's clear strategy, strong experience and continuous innovating can take the company far. Listing the company's share to First North will be a significant milestone and an accelerator in this journey."
Timo Lehtonen, CEO, tel. +358 50 433 8493
Tomi Numminen, Chairman of the Board, tel. +358 40 581 2132
Certified Adviser:
Nordic Certified Adviser AB, tel. +46 70 551 67 29
Bioretec’s mission is to promote healing after trauma or orthopedic surgery, building on a unique understanding of bioresorbable medical implants that act as scaffolds for tissue growth and eliminate the need for removal surgery of the implants. Bioretec's bioresorbable polymer implants are used worldwide and the Company intends to launch a new series of innovative implants based on a unique bioresorbable metallic alloy, RemeOsTM. The RemeOsTM product line is designed to meet the unmet medical need of demanding load-bearing fixations, and to facilitate a seamless transition for surgeons from conventional titanium implants. Better healing – Better life.