Stayble Therapeutics AB announces outcome from concluded rights issue
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, CANADA, NEW ZEELAND, SOUTH AFRICA, HONG KONG, SWITZERLAND, SINGAPORE, RUSSIA, BELARUS OR IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION OR WOULD REQUITE FURTHER REGISTRATION OR OTHER MEASURES ABOVE WHAT IS REQUIRED BY SWEDISH LAW. PLEASE SEE “IMPORTANT INFORMATION” AT THE END OF THIS PRESS RELEASE.
NB: This is an English convenience translation of this press release. In case of any discrepancy, the correct version is the Swedish original “Stayble Therapeutics AB offentliggör utfall i genomförd företrädesemission”.
The subscription period of Stayble Therapeutic AB’s (“Stayble” or “the Company”) preferential rights issue of shares, in which the public was also given the opportunity to subscribe, was concluded on April 12th, 2023. The rights issue was subscribed to a total of approximately 90 percent, including pre-subscription and underwriting commitments. Stayble will therefore be provided approximately MSEK 31.7 before transaction related costs. The formal decision of allocation and mailing of settlement notes are planned to take place around April 14, 2023.
”I would like to thank everyone who decided to participate in the rights issue. We have been able to secure financing to our ongoing and planned clinical trials as well as to prepare the Company for successful partnering. A large global market with millions of patients in need of help with their chronic pain caused by degenerative disc disease and disc hernia are waiting for us,” Stayble CEO Andreas Gerward says.
Allocation, subscription and payment
The rights issue was subscribed to a total of approximately MSEK 14.2, including pre-subscription commitments of approximately MSEK 6, which equals a subscription rate of approximately 40.5 percent. Additionally, underwriting commitment of approximately MSEK 17.4 have been activated. The total subscription rate, (including underwriting commitments) thus amounts to approximately 90 percent, meaning that Stayble is supplied with approximately MSEK 31.7 before transaction related costs. The transaction related costs amount to approximately MSEK 6.8 (of which approximately MSEK 3.5 refers to underwriting commitment remunerations, provided that all underwriters choose to receive cash remuneration).
Through the rights issue, a total of 17,791,351 shares are thus issued. A total of 7,469,810 shares (amounting to approximately MSEK 13.3) were subscribed with the support of subscription rights. The decision of allocation of shares is planned to be made on April 14 2023 in accordance to the principles of allocation described in the prospectus which was published by the Company on Match 17th, 2023. Subscribers who are allocated shares without preferential rights will receive settlement notes, which are planned to be dispatched around April 14 2023. Allocated shares without preferential rights are to be paid in accordance to the instruction provided on the settlement note.
Remuneration for underwriting commitments
For bottom-up underwriting commitments, a remuneration of twelve (12) percent of the amount guaranteed will be provided in form of cash or fifteen (15) percent of the amount guaranteed in form of shares. For top-down underwriting commitments (not including remuneration-free top-down underwriting commitment), a remuneration of fifteen (15) percent of the amount guaranteed will be provided in the form of cash or twenty (20) percent of the amount guaranteed in the form of shares. In case the guarantors choose remuneration in the form of shares, these will be provided by a directed offset issue. The subscription price of any shares issued as remuneration is set to SEK 1.78 per share, equal of the established subscription price of the concluded rights issue.
Any decision regarding a directed offset issue to the guarantors will be announced through a separate press release.
Number of shares and share capital
When the rights issue has been registered by the Swedish Company Registration Office, the number of shares in Stayble will have increased by 17,791,351 shares, from 13,846,924 shares to 31,638,275 shares. The share capital of the Company will at the registration have increased by SEK 2,312,875.63, from SEK 1,800,100.12 SEK to SEK 4,112,975.75.
Trade in paid subscribed shares (BTA)
Trade in BTA is ongoing on Nasdaq First North Growth Market until the rights issue is registered at the Swedish Company Registration Office. This registration is expected to happen around the 4 May 2023. Afterwards, BTA will be transformed into shares.
Advisors
In connection with the rights issue, Stayble has appointed Sedermera Corporate Finance AB as financial advisor, Markets & Corporate Law Nordic AB as legal advisor and Nordic Issuing AB as issuing agent. Shark Communication AB has assisted the Company with advice regarding communication.
For more information
For more information about the Rights Issue, please contact:
Sedermera Corporate Finance AB
Phone: +46 40 615 14 10
E-mail: info@sedermera.se
For more information about Stayble, please contact:
Andreas Gerward, CEO Stayble Therapeutics AB
Phone: +46 (0) 730 808 397
E-mail: andreas.gerward@stayble.se
www.staybletherapeutics.com
This information is the type of information that Stayble Therapeutics AB is obliged to publish pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on April 13th, 2023.
About Stayble Therapeutics AB
Stayble is a clinical-stage pharmaceutical company developing the STA363 injection treatment for degenerative disc disease (DDD) and chronic disc herniation (LDH). Stayble's vision is to offer patients a simple and effective treatment that addresses the underlying cause of the patient's chronic pain and provides lasting pain relief and increased physical function. Aimed at patients who are not helped by physiotherapy and painkillers, the treatment is a single injection that is expected to last a lifetime and requires minimal rehabilitation. The company is now focused on clinical development and is currently conducting a Phase 2b clinical trial in DDD and a Phase 1b trial in LDH.
Svensk Kapitalmarknadsgranskning AB is the Company’s Certified Advisor.
IMPORTANT INFORMATION
The information in this press release does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire, or subscribe for, shares, subscription rights, paid subscribed share (“BTA”), warrants, newly issues shares or other securities in Stayble. Invitation to persons concerned to subscribe to shares will only be available through the EU Growth Prospectus which was published on March 17th, 2023.
Neither shares, subscription rights, BTA, warrants, newly issued shares or other securities are recommended or approved by any American federal or state securities authority or supervisory authority. No shares, subscription rights, BTA, warrants, newly issues shares or other securities are registered or will be registered according to the United States Securities Act of 1933 in its current wording, or by any other admissible law in the United States, Australia, Japan, Canada, New Zeeland, South Africa, Hong Kong, Switzerland, Singapore, Russia, Belarus or any other country where the Rights Issue or distribution of this press release violates Swedish law or regulations or requires the a further prospectus to be drafted, registered or any other measures to be taken except those required by Swedish law. The press release, as well as the prospectus and other documents referring to the Rights Issue, are thus not permitted to distribute to or within any such jurisdiction.
This press release may contain forward-looking statements that reflect Stayble’s current view of future events as well as financial and operational development. Words such as “intend”, “assess”, “except”, “may”, “plan”, “estimate” and other expressions involving indications or predictions regarding future developments or trends, constitute forward-looking statements. Forward-looking statements by nature entail known as well as unknown risks and insecurities since they are dependent on future performance and circumstances. Forward-looking statements do not constitute any guarantee regarding future results or development and the actual results may significantly vary from what is stated in forward-looking statements.
This information, these opinions and these forward-looking statements found in this press release are only valid and this date and are subject to change without notice. Stayble makes no commitment to update or revise forward-looking statements, future events or similar circumstances except when required by applicable legislation.