OBSERVE MEDICAL ASA – Updated key information relating to the rights issue
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange announcement published by Observe Medical ASA (the "Company") on 1 November 2023, with key information relating to the contemplated rights issue in the Company raising gross proceeds of up to NOK 55 million (the "Rights Issue") and the stock exchange announcement of the Company dated 21 November 2023 with the updated terms of the Rights Issue. Updated key information relating to the Rights Issue is set out below.
Date on which the terms and conditions and conditions of the Rights Issue were announced: 1 November 2023 and 21 November 2023.
Last day including right: 22 November 2023
Ex-date: 23 November 2023
Record Date: 24 November 2023
Date of approval: 22 November 2023
Maximum number of new shares: 211,538,461
Subscription price: 0.26
Ratio subscription rights: Each existing shareholder as of 22 November 2023 (as registered in the Norwegian Central Securities Depository (ESO) as at the expiry of 24 November 2023 (the record date)) will be granted 3.9546 subscription rights for each share registered as held by the shareholder. The number of subscription rights granted to each existing shareholder will be rounded down to the nearest whole subscription right.
Subscription ratio: 1:1 (number of new shares per subscription right)
Manager: Sparebank 1 Markets
Will the rights be listed: Yes, the subscription rights are expected to be listed under ticker code "OBSRVT"
ISIN for the subscription rights: ISIN NO0012981077
Other information: Completion of the Rights Issue is subject to (i) subscriptions for cash proceeds of at least NOK 18 million, (ii) that each of the Lenders convert the Loans in whole and/or enter into an amendment agreement for the remaining amount under each of the respective Loans that are not converted regarding extension of the maturity date and amendment of the terms to market terms., and (iii) approval by the extraordinary general meeting of the Company, which will be held on 22 November 2023.
For further information about the Company, please contact:
Rune Nystad, CEO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com
Per Arne Nygård, CFO Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@observemedical.com
This stock exchange announcement was published by Per Arne Nygård, CFO on 21 November 2023 at 14:00 (CET) on behalf of the Company.
About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in urine measurement, ultrasound, anesthesiology/ICUs, surgery and wound care, in combination with targeted M&A.
The Company is headquartered in Oslo, Norway, with additional offices in Narvik, Norway and Gothenburg, Sweden, and subsidiaries in Finland and the US. In addition, Observe Medical has a direct sale organization in the Nordics and a distributor network internationally.
Further information is available at www.observemedical.com.
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.