Artificial Solutions carries out a directed new share issue of 14,117,647 shares, thereby raising proceeds of approximately SEK 120 million
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Press release 6 May 2021
The board of directors of Artificial Solutions International AB (”Artificial Solutions” or the ”Company”) has, in accordance with the Company’s press release earlier today, subject to approval by an extraordinary general meeting expected to be held on or about 24 May 2021, resolved on a new share issue of 14,117,647 shares (the ”Directed New Share Issue”). The Directed New Share Issue was oversubscribed, and the subscription price amounted to SEK 8.50 per share. Investors in the new share issue are a number of Swedish and international institutional investors, including C WorldWide Asset Management and SEB-Stiftelsen. Through the Directed New Share Issue Artificial Solutions will receive proceeds amounting to approximately SEK 120 million before deduction of transaction costs, provided that the extraordinary general meeting approves the board of directors’ resolution.
The subscription price in the Directed New Share Issue amounts to SEK 8.50 per share and has been determined through a so called accelerated bookbuilding procedure carried out by the Company’s financial advisor Pareto Securities AB (“Pareto Securities”), why it is the board of directors’ assessment that the subscription price is in accordance with market conditions. The subscription price in the Directed New Share Issue constitutes a discount of approximately 14.5 percent compared to the closing price on Nasdaq First North Growth Market on 6 May 2021. Through the Directed New Share Issue, the Company will receive approximately SEK 120 million before deduction of transaction costs, provided that the extraordinary general meeting approves the board of directors’ resolution.
The reasons for the deviation from the shareholders’ preferential rights are mainly to diversify the shareholder base in the Company and at the same time take advantage of the opportunity to raise capital in a time- and cost-efficient manner. The Company intends to use the net proceeds from the Directed New Share Issue to support the Company’s continued strategy to drive product led growth through the newly implemented SaaS business model and facilitate refinancing of the outstanding bond.
The Directed New Share Issue entails a dilution of approximately 22 per cent of the number of shares and votes in the Company. Through the Directed New Share Issue, the number of outstanding shares and votes will increase by 14,117,647 from 49,419,721 to 63,537,368. The share capital will increase by SEK 25,411,765.04 from SEK 88,955,499.31 to SEK 114,367,264.35.
“The Company has since the beginning of 2021 transitioned from a traditional license-based software model to a software as a service model (SaaS), with the objective to further scale and grow the Artificial Solutions’ Teneo platform. The global spending on artificial intelligence (AI) is forecasted to double over the next four years, growing from USD 50 billion dollars in 2020 to more than USD 110 billion in 2024. We intend to use the proceeds to increase our market share, to attract more customers and a larger installed base of users in the fastest growing part of the AI-market, the Conversational AI market”, said Artificial Solutions’ CEO Per Ottosson.
In connection with the Directed New Share Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of twelve months after the settlement date of the Directed New Share Issue which is expected to occur on 27 May 2021. Scope Growth III L.P. (holding approximately 34.0 percent of the shares in the Company), board members and persons of the management holding shares and/or warrants have undertaken not to sell any shares in Artificial Solutions for a period of 90 calendar days after the settlement date of the Directed New Share Issue, with customary exceptions, and to vote in favour of the Directed New Share Issue at the extraordinary general meeting. Notice to attend the extraordinary general meeting will be published separately.
Advisers
Pareto Securities is acting as Sole Manager and Bookrunner, Cirio Advokatbyrå is legal adviser to the Company and Advokatfirman Schjødt is legal adviser to Pareto Securities in connection with the Directed New Share Issue.
This disclosure contains information that Artificial Solutions International AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-05-2021 23:15 CET.
For further information:
Per Ottosson, CEO, Artificial Solutions
Email: per.ottosson@artificial-solutions.com
About Artificial Solutions
Artificial Solutions® (SSME:ASAI) is the leading specialist in Conversational AI. We enable communication with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.
Artificial Solutions’ advanced conversational AI Teneo®, allows business users and developers to create sophisticated, highly intelligent applications that run across 84 languages and dialects, multiple platforms and channels in record time. The ability to analyse and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of data insight that reveal what customers are truly thinking.
Artificial Solutions’ conversational AI technology makes it easy to implement a wide range of natural language applications such as virtual assistants, conversational bots, speech-based conversational UIs for smart devices and more. It is already used daily by millions of people across hundreds of private and public sector deployments worldwide.
Artificial Solutions International is listed on Nasdaq First North Growth Market in Stockholm with short name ASAI. Erik Penser Bank is the Company’s Certified Adviser (www.penser.se, tfn +46 (0) 8-463 83 00, e-post certifiedadviser@penser.se).
For more information, please visit www.artificial-solutions.com.