MyFC strengthens its financing for stronger position in China
MyFC strengthens its financing through a loan of SEK 12.2 million and carries out an offset issue of the entire amount. The capital will mainly be used to expand myFC's ownership in myFC Asia, but also for business development, sourcing and organizational reinforcements.
MyFC established operations in China a little more than a year ago, through the joint venture myFC Asia Ltd. MyFC has now decided to expand its ownership in the JV, which is co-owned by the Hong Kong-based investment company Novel Unicorn. The capital to do so is released through an offset issue.
"In addition to China being the world's second largest economy, the country is also at the forefront of green energy. We believe it is of great value to expand our ownership in myFC Asia," says Björn Westerholm, CEO of myFC.
With the authorization of the AGM, the Board has decided to carry out an offset issue of SEK 12,242,850 and 914,150 shares, which strengthens the company's equity. The settlement relates to the cancellation of loans issued by Recall Capital and the subscription price per share is SEK 13.39. The number of shares in the company amounts to 28 857 831 and the share capital amounts to SEK 1,687,593.
This information is information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:20 CET on 7 of June 2017.
For further information, please contact:
myFC Press Office
Phone: +46 (0) 738 09 33 83
MyFC is a Swedish innovation company that develops energy solutions using fuel cell technology. The company’s first product, myFC PowerTrekk, is a hybrid charger that runs on water and salt for small electronic devices. The company launched JAQ, its product platform, in Q4 2015. myFC was founded in 2005 and has its head office in Stockholm, Sweden. The company was listed on NASDAQ First North in May 2014. The company’s Certified Adviser is Avanza Bank. For more information, visit www.myfcpower.com