The Board of Directors and management in CTEK have been given the possibility to sell subscription rights to finance the subscription of shares in the Company’s rights issue
On 8 February 2023, CTEK AB (publ) (“CTEK” or the “Company”) announced that the Board of Directors of CTEK, subject to approval from the extraordinary general meeting that was held on 3 March 2023, had resolved on a rights issue of approximately SEK 350 million (the “Rights Issue”). Furthermore, the terms of the Rights Issue were announced by CTEK on 27 February 2023.
In connection with the announcement of the Rights Issue the Company’s Board of Directors and management entered into a lock-up undertaking towards Carnegie Investment Bank AB (publ) and Swedbank AB (publ) (the ”Financial Advisors”), acting as Joint Global Coordinators and Joint Bookrunners in the Rights Issue, not to sell shares or other securities in the Company for a period up until and including 90 days after the Rights Issue has been completed (the “Lock-up Undertaking”).
The Financial Advisors have granted an exception from the Lock-up Undertaking in order to enable members of CTEK’s Board of Directors and management to sell subscription rights in order to finance the subscription of shares in the Rights Issue. The granted exception applies only for this purpose, entailing that the all proceeds received through the divestment must be used to subscribe for shares in the Rights Issue, and the Lock-up Undertaking therefore continues to apply in other parts.
Members of CTEK’s Board of Directors and management have indicated to the Company that they intend to subscribe for a total of approximately 500,000 shares in the Rights Issue, corresponding to their pro rata share in the Rights issue after the divestment of subscription rights.
Trading in subscription rights takes place up to and including 21 March 2023.
The information was provided by the contact persons below for publication 16 March 2023 at 16:00 CET.
For more information, please contact:
Ola Carlsson, acting CEO and Group President
Email: ola.carlsson@ctek.com
Niklas Alm, Investor Relations
Tel: +46 708 24 40 88
Email: niklas.alm@ctek.com
About CTEK
CTEK is one of the leading global suppliers of battery chargers for various premium segment vehicles and one of Sweden's largest suppliers of chargers and accessories for electric vehicle charging. The company is defined by a strong innovation culture and works continuously to improve and develop new products to suit customer needs. CTEK was founded in 1997 in Vikmanshyttan and has sales in over 70 countries. With a history of innovation and technology leadership, the company proactively meets new customer needs by continuously evolving its product range and operations. Through its technology leadership, CTEK has established strong, long-standing customer relationships with over 50 of the world's most prestigious vehicle manufacturers. In addition to vehicle manufacturers, CTEK offers products to vehicle repair shops, distributors, retailers, charging point operators and property owners, among others.