Genovis carries out directed share issue to raise SEK 11.5 million for the company
In accordance with the authorization granted by the Annual General Meeting on May 12, 2016, the Board of Directors of Genovis has resolved to carry out a directed share issue of 5,000,000 shares to a small group of qualified investors. The subscription price has been set at SEK 2.30 per share.
Selected qualified investors have subscribed to the rights issue. Through the rights issue, the company will raise proceeds of SEK 11.5 million before transaction costs, which are estimated at SEK 690 thousand. The price per share is SEK 2.30 and is 8 percent below the volume-weighted average price during the last 10 trading days prior to this announcement. After the rights issue the total number of shares and votes in the company will be 60,294,162 and share capital will amount to SEK 15,073,540. The rights issue entails a dilutive effect of approximately 9 percent based on the total number of shares in the company following the rights issue.
The reason for deviation from the shareholders’ preferential rights is to facilitate raising capital, in terms of both time and cost-efficiency, to increase production capacity as Genovis continues to develop and expand its product portfolio. This initiative will enable Genovis both to provide its customers with larger volumes of existing products and to add new products to its product line with continued high margins.
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 is a global company that offers enzyme products that facilitate development and quality control of biologics to customers in the pharmaceutical and medical technology industries. The Company markets several enzyme products (“SmartEnzymes”) in innovative product formats all over the world.
The organization consists of Genovis AB and the wholly owned subsidiary Genovis Inc. in the US. Genovis Inc. handles all sales of enzyme products on the North American market and Genovis AB handles sales in the rest of the world. Genovis shares are listed on Nasdaq First North Stockholm and Penser Bank is the Company’s Certified Advisor, 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 and the Financial Instruments Trading Act. The information was submitted for publication, through the contact person set out above, on April 10, 2017.
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.