CORRECTION: Cline Scientific AB (publ) publishes outcome in rights issue

CORRECTION: In the press release Cline Scientific AB (publ) ("Cline" or the "Company") published at 5:46 p.m. on November 30, 2022, there was incorrect information regarding the subscription notification and the subscription rate in the Rights Issue, which was announced through a press release on November 2, 2022. The Board has, after the publication of the outcome of the Rights Issue, noted that the Company received incorrect documentation for the notified subscription in the Rights Issue. The actual outcome for the rights issue was 3,818,487 subscribed shares, divided between 363,640 A shares and 3,454,847 B shares. A corrected version of the press release follows below.

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR IN ANY OTHER JURISDICTION WHERE THE RELEASE, DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE ADDITIONAL REGISTRATION OR OTHER ACTION.

Cline Scientific AB (publ) ("Cline" or the "Company") announces today the outcome of the Rights Issue of shares which was announced by press release on November 2, 2022 (the "Rights Issue"). The Rights Issue has been subscribed to a total of approximately 24.7 percent, of which approximately 23.5 percent was subscribed with the support of subscription rights and approximately 1.2 percent was subscribed without the support of subscription rights. Through the Rights Issue, approximately SEK 4.2 million will be added to Cline before deductions for issue costs. The issue proceeds from the Rights Issue are primarily intended to be used to enable continued operation and continued development of the two projects CellRACE and StemCART.

Outcome of the Rights Issue

The subscription period in the Rights Issue ended on November 28, 2022. A total of 3,818,487 shares were subscribed, divided into 363,640 A shares and 3,454,847 B shares, with and without the support of subscription rights, corresponding to approximately 24.7 percent of the Rights Issue. 3,638,716 shares were subscribed with the support of subscription rights, corresponding to approximately 23.5 percent, while 179,771 shares were subscribed without the support of subscription rights, corresponding to approximately 1.2 percent of the Rights Issue.

Through the Rights Issue, The Company receives approximately SEK 4.2 million before deductions for issue costs, which are estimated to amount to approximately SEK 0.8 million.

Notice of allotment and delivery

Allotment of units subscribed for without subscription rights, has been carried out in accordance with the allotment principles set out in the memorandum that was published on November 11, 2022. Notification of the allotment of units subscribed for without unit rights, will be sent via a separate settlement note. Nominee shareholders receive notification of allotment in accordance with the respective nominee’s routines. 

Trading in so-called paid subscribed shares (BTA) takes place on Nasdaq First North Growth Market until the conversion of BTA into shares, which takes place after the Rights Issue have been registered at the Swedish Companies Registration Office. Registration at the Swedish Companies Registration Office is expected to take place during week 50, 2022.

Changes in share capital and number of shares

Through the Rights Issue, the number of shares in Cline increases by 3,818,487 shares, of which 363,640 A shares and 3,454,847 B shares, from 15,452,737 shares to 19,271,224 shares, and the share capital increases by SEK 381,848.70, from SEK 1,545,273.70 to SEK 1,927,122.40, corresponding to a dilution effect of approximately 19.8 percent.

For more information, please contact:

Patrik Sundh, CEO

Email: patrik.sundh@clinescientific.com

Phone: +46 703-585 088

About Cline Scientific

Cline Scientific develops advanced cancer diagnostics and regenerative medicine treatments. Cline’s unique patented surface nanotechnology provides solutions to critical challenges for cell-based products and process in Life Science. Cline is driving two projects through to a clinical stage, StemCART - a stem cell therapy for joint repair, and CellRACE- a cancer diagnostic to predict metastasis.

The company is listed on the Nasdaq First North Growth Market. Redeye AB is Cline Scientific's Certified Adviser.

 This information is information that Cline Scientific is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact person set out above, at  16:55 CET on 7 December 2022.

Important Information
The publication, release or distribution of this press release may be subject to restrictions in certain jurisdictions. Recipients of this press release in those jurisdictions where this press release has been published, disclosed or distributed should inform themselves of and observe any such restrictions. This press release does not constitute an offer of, or an invitation to acquire or subscribe for, any securities of Cline Scientific in any jurisdiction.

This press release does not constitute an offer or invitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The information contained in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, in or into the United Kingdom, the United States, Canada, Japan, Australia, Hong Kong, New Zealand, South Africa, South Korea or any other jurisdiction where such release, publication or distribution would be contrary to applicable law or regulation.

Within the European Economic Area, no securities are offered to the public in any country other than Sweden.

This press release contains certain forward-looking information that reflects the Company's current views on future events and financial and operational developments. Words such as "intends", "estimates", "expects", "may", "plans", "believes", "estimates" and other expressions which imply indications or predictions of future developments or trends, and which are not based on historical facts, constitute forward-looking information. Forward-looking information is inherently subject to known and unknown risks and uncertainties because it depends on future events and circumstances. Forward-looking information is not a guarantee of future performance or development, and actual results may differ materially from those expressed in the forward-looking information.

Cline Scientific AB (publ) Phone: 031-387 55 55

Argongatan 2C Email: info@clinescientific.com

431 53 MÖLNDAL  Website: www.clinescientific.com