Swedish Stirling reaches agreement with convertible bond holders on conversion

Background
Swedish Stirling AB (publ) (“Swedish Stirling” or the “Company”) has received irrevocable undertakings from holders of convertible bonds 2019/2021 (“KV2”) regarding conversion in accordance with the terms and conditions corresponding to approximately 68 per cent of the total outstanding loan amount under KV2. The Company has also reached an agreement with all holders of convertible bonds 2019/2021:2 (“KV3”) according to which the Company has received irrevocable undertakings from the convertible bond holders regarding conversion corresponding to 100 per cent of the total outstanding loan amount under KV3 provided that the Company’s Board of Directors convenes an extraordinary general meeting to resolve on an amendment of the terms and conditions of KV3 entailing that the conversion rate shall be changed from SEK 10 per share to SEK 9 per share.

Extraordinary general meeting
The Company’s shareholders Dagny OÜ, AC Cleantech Growth Fund l Holding AB and Estreet AB, together representing approximately 47.6 per cent of the shares and votes in Swedish Stirling, have undertaken to vote in favour of the amendment of the conversion rate under KV3 at the extraordinary general meeting. Swedish Stirling intends to convene an extraordinary general meeting to be held before year end 2020.

Dilution following conversion
Following conversion in accordance with the undertakings for KV2, the Company’s share capital will increase by SEK 54,100, and the number of shares and votes in the Company will increase by 5,410,000 shares and votes, corresponding to a dilution of approximately 5.5 per cent. Following conversion in accordance with the undertakings for KV3, the Company’s share capital will increase by SEK 58,888.87, and the number of shares and votes in the Company will increase by 5,888,887 shares and votes, corresponding to a dilution of approximately 6.0 per cent. Conversion of KV2 and KV3 is expected to take place end of February 2021.

For further information please contact:

Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30  ir@swedishstirling.com. 

About Swedish Stirling AB

Swedish Stirling AB is a Swedish clean tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy to electricity. The company’s latest product – the PWR BLOK 400-F – is a unique proprietary solution for recycling energy from industrial residual and flare gases and converting these into 100% carbon-neutral electricity at high efficiency. According to an independent certification, the PWR BLOK is the cheapest way to generate electricity that exists today, yielding greater CO₂ savings per krona invested than any other type of energy. Swedish Stirling AB is listed on Nasdaq First North Premier and FNCA Sweden AB is appointed Certified Adviser, +46(0)8-528 00 399, info@fnca.se.  Read more at www.swedishstirling.com

This information is information that Swedish Stirling 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 1 December 2020 at 17:31 CET.