Genovis carries out directed share issue to raise SEK 10.1 million for the company
In accordance with the authorization granted by the Annual General Meeting on May 11, 2017, the Board of Directors of Genovis has resolved to carry out a directed share issue of 2,805,838 shares to a small group of qualified investors. The subscription price has been set at SEK 3.60 per share.
Selected qualified investors have subscribed to the rights issue. Through the rights issue, the company will raise proceeds of SEK 10.1 million before transaction costs, which are estimated at SEK 600 thousand. The price per share is SEK 3.60 and is 8,3 percent below the volume-weighted average price during the last 20 trading days prior to this announcement. After the rights issue the total number of shares and votes in the company will be 63,100,000 and share capital will amount to SEK 15,775,000. The rights issue entails a dilutive effect of approximately 4,65 percent based on the total number of shares in the company following the rights issue.
The company experience increased demand both in current and newly launched products. This is particularly evident on the largest markets in US and Europe but also for the Asian markets. The board estimates that profitability is possible in short term but has decided to make an active effort to take advantage of the company's favorable market position and lay the foundation for strong and sustainable growth over time
The reason for deviation from the shareholders’ preferential rights is to facilitate raising capital, in terms of both time and cost-efficiency, for expansion of its market organizations.
Redeye AB has acted as financial adviser in connection with the issue.
For more information, please contact: Fredrik Olsson, CEO, Genovis AB Tel: 0046 (0)46 -101233 fredrik.olsson@genovis.com
ABOUT GENOVIS
Genovis’ business concept is to apply its knowledge and imagination to design and provide innovative tools for the development of the drugs of the future. Today Genovis sells several enzyme products known as SmartEnzymes all over the world in innovative product formats that facilitate development and quality control of biological drugs.
The Group consists of Genovis AB and the wholly owned subsidiary Genovis Inc. (USA). Genovis shares are listed on Nasdaq First North Stockholm and Erik Penser Bank is the Company’s Certified Adviser. T: +46 (0)8-463 83 00.
This information is information that Genovis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the contact person set out above, on April 29, 2018.
This press release is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.