Observe Medical ASA: Potential equity investment from the group's largest partner within manufacturing and supply of urine measurement products
Oslo, 24 June 2024
Reference is made to the announcement made by Observe Medical ASA (the "Company" or "Observe Medical", and, together with its subsidiaries, the "Group", OSE ticker "OBSRV") earlier today, on 24 June 2024, regarding the successfully placed private placement of new shares in the Company to raise gross proceeds of NOK 22 million (the "Private Placement").
The Company is in this respect pleased to announce that Jiangsu Hongxin Medical Technology Co., Ltd ("Jiangsu Hongxin"), the Group's largest partner within the manufacturing and supply of urine measurement products, in connection with the Private Placement conditionally has undertaken to subscribe for shares in the Company for an amount equal to the NOK-equivalent of USD 300,000, at a subscription price per share of NOK 0.40 (which is equal to the offer price in the Private Placement). The undertaking is conditional upon Jiangsu Hongxin establishing a securities account in which such shares can be held prior to 15 September 2024. If such condition is satisfied, the Company intends to carry out a separate directed share issue of the relevant number of shares to Jiangsu Hongxin, subject to the extraordinary general meeting to be held on or about 17 July 2024 granting the board of directors an authorisation to issue new shares.
Reference is made to the announcement regarding the Private Placement for additional information about the Private Placement and the upcoming extraordinary general meeting.
For further information, please contact:
Jørgen Mann, Interim CEO Observe Medical
Mobile: +45 408 67 558
E-mail: jorgen.mann@observemedical.com
Johan Fagerli, CFO Observe Medical
Mobile: +47 958 12 765
E-mail: johan.fagerli@observemedical.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by Johan Fagerli, CFO, on 24 June 2024 at the time set out above.
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 commercialisation of its broad portfolio of medical technology products, mainly in urine measurement and ultrasound, in combination with targeted M&A and distribution. Observe Medical is working with a network of leading distributors to provide outstanding solutions for healthcare professionals globally.
The Company is headquartered in Oslo, Norway.
Further information is available at www.observemedical.com.