InCoax has completed the previously announced set-off issue of convertibles
InCoax Networks AB (“InCoax” or the “Company”), which is listed on the Nasdaq First North Growth Market (“Nasdaq First North”), announces that the Company today has completed the set-off issue of convertibles to Stiftelsen Norrlandsfonden that was announced on 23 July 2020.
The board of directors of InCoax has today, pursuant to the authorization granted by the Annual General Meeting on 30 June 2020, resolved on a set-off issue of convertibles to Stiftelsen Norrlandsfonden (“Norrlandsfonden”) on the terms and conditions announced on July 23, 2020. The background to the set-off issue is that Norrlandsfonden had a claim on the Company of SEK 3,245,786.25 attributable to previously outstanding convertibles that expired on April 30, 2020. The Company has today settled the debt through a set-off issue of new convertibles. The aggregate nominal amount of the new convertibles is SEK 3,245,778.52. The convertibles run at an annual interest rate of 5 per cent and will, to the extent not previously converted, fall due for payment on July 31, 2025. During conversion windows that occur in the last month in each calendar quarter, the convertibles may be converted to new shares at a conversion price of SEK 9.14 per share. The conversion price corresponds to approximately 110 per cent of the volume-weighted average price for the Company's shares during July 2020. In case of full conversion, 355,118 new shares will be issued, which corresponds to a total dilution of approximately 1.3 per cent calculated on the number of shares in the Company after completion of the rights issue that was announced on July 23, 2020.
The information was submitted for publication, through the agency of the contact person set out below, at 18:00 CET on August 17, 2020.
For more information:
Jörgen Ekengren, CEO, InCoax Networks AB
+46 73- 899 55 52
About InCoax Networks AB
InCoax Networks AB (publ) is innovating the future of broadband access. InCoax MoCA Access 2.5 platform provides the next generation cost-efficient multi-gigabit Fiber Access Extension solutions to the world’s leading telecom, cable- and broadband service providers. To keep updated on corporate information, visit incoax.com. Augment Partners AB, tel. +46 8-505 651 72 email@example.com, is acting as the company’s Certified Adviser.