Sivers Semiconductors enters into a loan facility agreement of SEK 100 million
Sivers Semiconductors AB ("The company") has entered into a loan facility agreement of up to SEK 100 million, of which SEK 50 million is paid out in October 2022.
The loan facility shall be used to strengthen the company's liquidity reserve and for general corporate purposes which may include working capital and investments to promote continued organic growth. Outstanding amounts under the loan facility is due for payment September 29, 2023 and carries a monthly interest rate of one percent. The company has the right to repay the loan early at any time.
“With this loan facility, we now see opportunities to continue building the company in major growth areas that we presented at the capital market day this week, such as satellite communications and Silicon Photonics. With a strengthened liquidity reserve, we can now actively address these very interesting markets, where there is a total addressable market of approximately SEK 10 billion over the next 7 years." says Anders Storm, President and CEO of Sivers Semiconductors.
Lenders are Modelio Equity AB and Exelity AB. As of March 31, 2023, and up to two weeks before the due date, the lenders have the right to call for a new issue of shares with payment in the form of an offset against outstanding loans under the loan facility together with accrued interest. The subscription price in such an offset issue shall correspond to 90 % of the average volume-weighted price paid for Sivers' shares during the fifteen trading days immediately preceding the call date.
For more information please contact:
Anders Storm, Group CEO of Sivers Semiconductors
Phone: +46 (0)70 262 6390
E-mail: anders.storm@sivers-semiconductors.com
This disclosure contains information that Sivers Semiconductors is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the contact person set out, on 29-09-2022 14:00 CET
Sivers Semiconductors AB is a leading and internationally recognized technology company that supplies ICs and integrated modules through its two business areas Wireless and Photonics. Wireless develops mmWave products for advanced 5G systems for data and telecommunications networks and satellite communication. The portfolio includes RF transceivers, beamforming front end ICs, integrated mmwave antennas, repeaters, and software algorithms for optimum mmWave RF performance. Photonics develops and manufactures semiconductor based optical products for optical fiber networks, sensors and optical fiber communications (Li-Fi). The company is listed on Nasdaq Stockholm under SIVE. The head office is located in Kista, Sweden. For more information: http://www.sivers-semiconductors.com