Smart Eye intends to launch a directed share issue of up to approximately 2.2 million shares
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Directed share issue
Smart Eye AB (publ) (“Smart Eye” or the “Company”) today announces, with the support of the board authorization, its intentions to execute a share issue of up to 2,191,157 shares directed to institutional investors (the “Issue”). The Company has retained Carnegie Investment Bank AB (publ) (”Carnegie”) as sole bookrunner in connection with the Issue. The subscription price and the total number of new shares in the Issue will be determined through an accelerated bookbuilding procedure (the “Bookbuilding”).
The Bookbuilding will start immediately following this announcement. Pricing and allocation of the new shares is expected to take place before the beginning of trading on Nasdaq First North at 09:00 CET on 19 September 2018. The timing of the closing of the Bookbuilding, pricing and allocation are at the discretion of the Company. The company will announce the outcome of the Issue in a press release after the closing of the Bookbuilding.
The Company has recently received a number of new contracts (so-called design wins) for delivering software to driver monitoring systems in cars and participates in a number of procurement processes to obtain additional ones. In order to continue to work with obtained design wins and participate in procurement processes for new ones, the Company has needed, and will continue to need, scale up its organisation. The Board of Directors of Smart Eye has decided to deviate from the preferential right to ensure the most time and cost-effective financing of this possible, so that the company can cover its working capital needs until the obtained and potential additional design wins begin to generate sufficiently large licensing revenues to cover the Company’s current costs.
The Issue is, among other things, subject to resolution by the Board of Directors of Smart Eye, pursuant to the authorization given by the Annual General Meeting, which was held on 25 April 2018, to issue new shares following close of the Bookbuilding.
Advisers
Carnegie acts as sole bookrunner in the Issue and Advokatfirman Vinge is legal adviser to the Company.
For more information
Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Email: martin.krantz@smarteye.se
Anders Lyrheden, CFO Smart Eye AB
Phone: +46 70-320 96 95
Email: anders.lyrheden@smarteye.se
About Smart Eye
Bridging the gap between man and machine since 1999. Smart Eye develops artificial intelligence (AI) powered eye tracking technology that understands, assists and predicts human intentions and actions. By studying a person’s eye, face and head movements, our technology can draw conclusions about an individual’s alertness, attention, focus and gain insights into a person’s awareness and mental status.
Today, our eye tracking technology is embedded in the next generation of vehicles, helping the automotive industry take another step towards safer and more eco-friendly transportation. Our research instruments offer unparalleled performance in complex, real-world situations, paving the way for new insights in aerospace, aviation, psychology, neuroscience, medical and clinical research.
Smart Eye is headquartered in Gothenburg, Sweden and has offices in Michigan, USA, Tokyo, Japan and Chongqing, China, as well as having partners, resellers and distributors in Europe, USA and APAC. Its solutions are used by more than 700 clients all over the world by leading research groups, brands and labs such as US Air Force, Nasa, BMW, Lockheed Martin, Audi, Boeing, Volvo, GM, and many more.
Smart Eye is listed on First North. Erik Penser is Certified Adviser and can be reached at +46-8-463 8000.
[This information is information that Smart Eye AB (publ) 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, on September 18, 2018 at 17:30 CET.]
Important information
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in any jurisdiction, not from Smart Eye or from any other person. Publication, distribution or release of this press release may, in certain jurisdictions, be subject to restrictions by law and the persons in such jurisdictions where this press release has been published or distributed should inform themselves of and follow such legal restrictions. This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.
This press release is not a prospectus for the purposes of Directive 2003/71/EC (the “Prospectus Directive”) and has not been approved by any regulatory authority in any jurisdiction. Smart Eye has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection with the Directed Issue. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This press release may in the United Kingdom, be distributed and directed to “qualified investors” as defined as (i) professional investors as set out in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) fall within Article 49(2)(a) to (d) (“entities with high net worth” etc.) of the Order, (all such persons together being referred to as “Relevant Persons”). An investment or investment activity to which this communication relates in the United Kingdom is available only to Relevant Persons and will only be carried out with Relevant Persons. Persons that are not Relevant Persons should not take any action based on this press release and should not act or rely on it.
The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, , in whole or in part, within or into Australia, Hong Kong, Japan, Canada, New Zeeland, Singapore, South Africa, the United States, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
Forward-looking statements
This press release may contain some forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Words, such as “intend”, “will”, “anticipate”, “expect”, “may”, “plan”, “estimate”, or other expressions. That entail indications or predictions on future development or trends, is considered forward-looking statements. A forward-looking statement is in its nature connected to known as well as unknown risks and elements of uncertainty as it is dependent on future events and circumstances. A forward-looking statement is not a guarantee of future results or development and the actual outcome could differ materially from what has been communicated in forward-looking statements. This communication, the views and forward-looking statements in this press release is only valid at per this date and may change without any communication thereof. Neither the Company nor any other are undertaking to review, update, confirm or officially inform any revision of a forward-looking statement to reflect events that occur or circumstances that arise regarding the content of this press release.
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