Artificial Solutions secures extension of existing EUR 11 million credit facility to support growth and issues warrants
Artificial Solutions® International AB (publ) (“Artificial Solutions”) (SSME:ASAI) the leading specialist in enterprise-strength conversational AI, has entered into an agreement with creditors to extend current credit facilities of EUR 11 million from March 31, 2021 to March 31, 2023. In addition, warrants were issued to the creditors, granting them the right to subscribe for EUR 5 million of new shares in Artificial Solutions before March 31, 2023, at a strike price of SEK 32 per share. The extension is intended to support the company’s continued growth.
“The extension of our credit facility will support the company’s continued efforts for growth globally and the warrant agreement with a strike price of SEK 32 per share is a clear signal of our creditor’s strong belief in Artificial Solutions’ growth prospects”, said Lawrence Flynn, CEO of Artificial Solutions. The 1,562,500 warrants were issued for no consideration under the current authorization of the AGM. If all warrants are exercised the dilutive effect is 3.2% for a cash contribution of approximately EUR 5 million (SEK 50 million).
For further information:
Lawrence Flynn, CEO, Artificial Solutions
Tel: +44 (0)1635 523267
Email: lawrence.flynn@artificial-solutions.com
This information is such that Artificial Solutions International 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 below, at 9:40 p.m. CET on 4 October, 2020.
Artificial Solutions International AB (publ) 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-mail certifiedadviser@penser.se).
About Artificial Solutions
Artificial Solutions® is the leading specialist in enterprise-strength conversational AI, a form of Artificial Intelligence that allows people to communicate with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.
Designed for the global enterprise, Artificial Solutions’ advanced conversational AI platform, Teneo®, allows business users and developers to collaborate on creating sophisticated, highly intelligent applications that run across over 35 languages, multiple platforms and channels in record time. The ability to analyze and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of 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, chatbots, 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. For more information, please visit www.artificial-solutions.com