Bioservo has completed a directed issue of approximately SEK 14 million
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, AUSTRALIA OR ANY OTHER JURISDICTION, WHERE SUCH ACTIONS ARE SUBJECT TO LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT MAKE AN OFFER REGARDING ANY SECURITIES IN BIOSERVO.
The Board of Directors of Bioservo Technologies Aktiebolag (”Bioservo” or the ”Company”) has, pursuant to the authorization from the Annual General Meeting on May 7, 2020, resolved on a directed issue of 1,500,000 shares at a price of SEK 9.50 per share (the "Directed Issue"). The price in the Directed Issue has been determined through an accelerated bookbuilding procedure carried out by Erik Penser Bank.
The Board of Directors of Bioservo has, pursuant to the authorization from the Annual General Meeting on May 7, 2020 and in accordance with what was indicated in the Company's press release on November 26, 2020, resolved on the Directed Issue of 1,500,000 shares to Adrigo Small & Midcap L/S and around thirty qualified private investors and family offices.The subscription price amounts to SEK 9.50 per share and Bioservo thereby raises SEK 14.25 million before transaction costs. The price in the Directed Issue has been determined through an accelerated bookbuilding procedure and corresponds to a discount of approximately 7.8 percent against the closing price for the Company's share on Nasdaq First North Growth Market on November 26, 2020, and the board’s assessment is that the subscription price is market-based and reflects current market conditions and demand.
To facilitate the implementation of the Directed Issue, the new shares were initially subscribed for by Erik Penser Bank, to an amount corresponding to the quota value of the shares. In connection with payment from the investors in the Directed Issue, around December 2, 2020, the Company will receive the remaining amount, i.e. the difference between the quota value and the price in the Directed Issue.
Bioservo intends to use the net issue proceeds from the Directed Issue to support an upcoming full-scale commercialization and secure development financing of Carbonhand®. The reasons for deviating from the shareholders' preferential right are to execute capitalization of the Company in a time and cost-effective manner.
“Bioservo is in an incredibly interesting position with several extensive tests with leading industrial players in the final phases and with the capital provided, we secure our ability to quickly support a full-scale commercialization of Ironhand®. In addition, we secure capital for development for the next generation of Carbonhand®, which we have high hopes for. We would like to warmly welcome all new shareholders", says Bioservo's CEO Petter Bäckgren
The Directed Issue has a dilution effect of approximately 9.5 percent of the number of shares and votes in Bioservo calculated as the dilution of the number of shares and votes after the new share issue. Through the Directed Issue, the number of outstanding shares increases by 1,500,000 shares, from 14,298,321 shares to 15,798,321 shares. The Company's share capital increases by SEK 300,000 from SEK 2,859,664.20 to SEK 3,159,664.20.
Advisors
Erik Penser Bank AB is financial advisor and Advokatfirman Glimstedt is legal advisor to Bioservo in connection with the Directed Issue.
For further information please contact:
Petter Bäckgren
CEO
petter.backgren@bioservo.com
+46 8 21 17 10
Note This information is such as is required by Bioservo Technologies AB under the EU Market Abuse Regulation. The information was submitted, through the care of the above person, for publication on 26 November 2020 at 19:45.
About Bioservo Technologies
Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy and efficient.
The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength.
Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.
FNCA Sweden AB, +46(0)8-52800399, info@fnca.se is the company’s Certified Adviser on Nasdaq First North Growth Market.
For more information, please visit www.bioservo.com
Important information
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, AUSTRALIA OR ANY OTHER JURISDICTION, WHERE SUCH ACTIONS ARE SUBJECT TO LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT MAKE AN OFFER REGARDING ANY SECURITIES IN BIOSERVO.
Publication or distribution of this press release may be subject to restrictions in certain jurisdictions and individuals in the jurisdictions in which this press release has been published or distributed should inform themselves of and comply with such legal restrictions. This press release does not constitute an offer of, or invitation to acquire or subscribe for, any securities of Bioservo in any jurisdiction.
This press release does not constitute and is not part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States without being registered or exempt from registration under the US Securities Act of 1933, as in current wording ("Securities Act"), and may not be offered or sold in the United States without being registered or being exempt from registration or are included in a transaction that is not covered by registration under the Securities Act. There is no intention to register any securities referred to here in the United States or to make a public offering regarding the securities in the United States. The information in this press release may not be released, published, copied or distributed, directly or indirectly, in whole or in part, in or to the United States, Canada, Japan, South Africa or Australia or any other jurisdiction where the publication, publication or distribution of the information would not comply with laws and regulations or would require a prospectus, registration or other measures than those required by Swedish law. Measures contrary to these instructions may constitute a violation of applicable securities legislation.
This press release is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. Bioservo has not accepted any offer to the public of securities in any Member State of the EEA and no prospectus has been produced or will be produced in connection with the Directed Issue. In each EEA Member State, this notice is addressed only to "qualified investors" in that Member State as defined in the Prospectus Regulation.
In the United Kingdom, this document and other material are distributed and directed in relation to the securities described herein only, and any investment or investment activity to which this document relates is only available to and will be available only to, "qualified investors" who are (i) persons with professional experience in investment matters falling within the definition of "investment professionals" in Article 19 (5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) persons with a high net worth covered by Article 49 (2) (a) - (d) of the Order (all such persons are collectively referred to as "relevant persons"). In the United Kingdom, any investment or investments to which this notice relates are only available to and will only involve relevant persons. Persons who are not relevant persons should not take action based on this press release and not or act or rely on it.
Forward-looking statements
This press release may contain forward-looking statements that reflect Bioservo's intentions, assessments or current expectations and goals for Bioservo's future operations, financial situation, development, liquidity, earnings, prospects, expected growth, strategies and opportunities and the markets in which Bioservo operates. Forward-looking statements are statements that are not historical facts and can be identified by the fact that they contain words such as "believe", "expect", "anticipate", "refer", "can", "plan", "appreciate", "should" , "Could", "aim" or "maybe" or, in each case, negatives thereof, or similar, expressions. The forward-looking statements in this press release are based on various assumptions, many of which in turn are based on additional assumptions. Although Bioservo considers the expectations reflected in these forward-looking statements to be reasonable, it can provide no assurance that they will occur or prove to be accurate. As these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or results may differ materially from those set forth in the forward-looking statements which are the result of many factors. Such risks, uncertainties, unforeseen events and other significant factors may cause actual events to differ materially from the expectations expressed or implied herein by such forward-looking statements. Bioservo does not warrant that the assumptions behind the forward-looking statements in this press release are error-free and assumes no responsibility for the future fulfillment of the statements made in this press release or any obligation to update or revise the statements in this press release.