Brighter accelerates - rights issue oversubscribed by 1,219 percent

Brighter AB (publ) recently implemented a new share issue with preferential rights for existing shareholders who wished to subscribe for units. The issue injected SEK 198 million into the company—corresponding to a 1,219% subscription rate. Nasdaq First North lists the Brighter share under the BRIG ticket.

Because the issue was heavily oversubscribed, Brighter’s board decided to make full use of the subscription rights issue worth more than SEK 3 million, which yields total issue proceeds of SEK 19.3 million before issue costs. Through this issue, 16,064,872 new shares were issued. The total number of Brighter shares is now 33,020,966. On top of this, this new issue resulted in releasing 4,016,218 warrants – with an over-allotment issue included.

Upon full exercise of the warrants, Brighter gets an additional capital injection of between SEK 4.8 million and SEK 12 million. The fresh capital will finance development of next generation Brighter OneTM. Besides basic sampling, measurement, injection, and logging functions, this enhanced solution will have its own 3G connectivity and will thus offer access to valuable data and streamline and improve diabetes care for patients, caregivers, researchers, and other stakeholders.

“The issue’s outcome demonstrates market appetite for long-term quality of life changes that affect how individuals cope with diabetes,” says Truls Sjöstedt, Brighter's CEO and founder. “Right now, 75% of diabetes patients want fewer complicated treatment routines. Next generation Brighter OneTMautomatically logs and continuously monitors data to meet the needs of patients, relatives, medical staff, and researchers. This solution will change society by closing the circle—we call it The Benefit Loop.”

Subscription and allotment
Total subscriptions are worth SEK 198 501 686,40 which represents a 1,219% subscription rate. The preferential rights issue was 100% secured and oversubscribed – corresponding to 3,391,218 units, of which 3,225,007 are preferential and 166,211 are not preferential. In the oversubscription issue, 100% was secured, corresponding to 625,000 units, distributed as per the board’s decision regarding the allocation principle.

Those assigned to units without subscription rights and through over-allotment will receive contract notes, which will to be sent out during week 19 (4-10 May 2015). Signatories, who are not assigned to units, receive no sales notes.

Number of shares and share capital
Via this new issue, share capital increased by SEK 678,243 via issue of 13,564,872 shares. Through the oversubscribed part of the issue, share capital increases by a further SEK 125,000—via issue of 2,500,000 shares—for a total of SEK 1,651,048 in share capital, divided into 33,020,966 shares, each with a quotient value of SEK 0.05.

Trading in PSU
Trading in paid subscription units (PSU) will occur on Nasdaq First North until the final registration of the rights issue at the Swedish Companies Registration Office. No PSUs are obtained during allotment via the oversubscription issue; instead, shares and warrants are delivered as soon as registration occurs at the Swedish Companies Registration Office.

About Brighter AB (publ)
Via its intellectual property, Brighter develops innovations for persons who live with medical conditions. We develop tools that improve their situations and daily lives. Within five years, 50% of Sweden’s 4.6 million households will be connected for home care or through mobile units. Brighter’s mission is to simplify, streamline, and strengthen relationships between patients and healthcare professionals via development of innovations in the m-health area – a market that in 2015 is valued at SEK 120 billion on a global basis.

The Brighter share is listed on NASDAQOMX First North/BRIG.
Visit our site and subscribe to press releases: www.brighter.se.

Certified Adviser
Per Grundström, Remium Nordic AB, is Brighter’s certified adviser on Nasdaq OMX First North: +46 (0)8 – 454 32 29, CorporateFinance@remium.com, www.remium.com.

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