Communique from the Extraordinary General Meeting in Scandion Oncology A/S
On June 11th, 2019, the Extraordinary General Meeting of Scandion Oncology A/S (”Scandion Oncology” or the ”Company”) was held. Below follows a summary of the established decisions. All decisions were taken with the required majority.
Decision to increase the share capital with simultaneous issue of warrants
The general meeting decided to increase the share capital with a new issue that consists of up to 2,381,530 units ("units"). One existing share gives the right to subscribe one unit right, and 5 unit rights give the right to subscribe one unit, which gives the right to subscribe:
- 3 new shares and
- 1 warrant of series TO 1, which gives the right to subscribe 1 new share in the Company
The issue shall take place with priority for the shareholders of the Company.
The subscription price per share is set at SEK 4.10 per share, which means that the price per unit is fixed at SEK 12.30 (SEK 4.10 x 3 shares). The warrant is included with each unit without a separate payment.
Up to 7,144,590 new shares will be issued in the contemplated issue. As mentioned above, this means that there will be a maximum of 2,381,530 units. Since each unit also has one warrant attached, it means that a maximum of 2,381,530 warrants (2,381,530 units x 1) will be issued. The subscription of units shall be made in the period from 20 June 2019 through 9 July 2019 (both days including).
Practical example: Person X has currently 5 shares in the Company. This means that Person X will receive 5 unit rights on the registration date for the subscription of units (14 June 2019). Person X will then have the right to subscribe 1 unit by exercising its unit rights. Each of these units consists of 3 shares and 1 warrant. This means that if Person X decides to use all of its unit rights, it will acquire 3 new shares and 1 warrant.
The warrants may be exercised in the period 10 September 2020 – 1 October 2020 (both days including) and, in addition, according to the general meetings decision, so that each warrant gives the right to subscribe one new share at a price of SEK 5.20 corresponding to a premium (up) of 25 percent of the subscription price of shares subscribed by exercising the units.
The Board of Directors of
SCANDION ONCOLOGY A/S
For further information regarding Scandion Oncology, please contact:
Nils Brünner, CEO
Phone: +45 26 14 47 08
E-mail: nb@scandiononcology.com
Scandion Oncology is a biotechnology company founded in 2017 for the purpose of addressing and tackling one of the greatest challenges in modern oncology – the effective treatment of cancer which contains drug resistant cell clones or which has developed resistance to a previously prescribed cancer-fighting drug. In preclinical animal studies, the company’s leading candidate drug, SCO-101, was found to significantly enhance the efficacy of certain standard cancer treatments when given in combination. In addition SCO-101 restores chemotherapy sensitivity in in vitro grown resistant cancer cells. Scandion Oncology will in Q4 2019 initiate a clinical phase II study with SCO-101 in combination with chemotherapy. Scandion Oncology was listed on Spotlight, Sweden in November 2018.