Terranet secures approximately SEK 10 million in financing through convertible bonds and bridge loans
Terranet Holding AB (publ) (the "Terranet" or "the Company") has added approximately SEK 10 million in liquidity through the convertible bond issue, with preference for existing shareholders. The issue closed on March 27 and brought in approximately SEK 6.3 million in addition to a new bridge loan of approximately 3.6 SEK million.
Through the loan agreement, the company has secured an important strategic relationship and a commitment for the next long-term financing. The loan agreement has a maturity of eight months and a 2% monthly interest rate.
Upon full conversion, on the request of the convertible bondholders' side, Terranet's share capital will increase by approximately SEK 1,261,000 and the number of new shares will be increased by approximately 1,261,000.
For more information, contact:
Pär-Olof Johannesson, CEO
+46 70 332 32 62
Mattias Larsson, CFO
+46 72 709 56 01
Terranet has a strategic focus within active safety and develops software for radio-based sensors as well as GPS and non-GNSS solutions intended for self-driving vehicles. Terranet is headquartered in Lund, Sweden with established sales and marketing agents in the US and China. Terranet Holding AB (publ) is listed on Nasdaq First North Premier.
About the market
The market for advanced assisted driving and self-driving vehicles is estimated to grow by 25% per year over the next 10-15 years. Approximately 50% of all cars sold in 2030 are expected to be autonomous with large investments in the industry being made to facilitate the next generation of cars. Market growth is in many ways driven by increased driving safety as well as environmental and economic interests in reducing fuel consumption overall. TerraNet additionally benefits from the expansion of the 5G network, which further strengthens the Company's product offering.
This is information that TerraNet Holding AB is required to disclose under the EU Market Abuse Regulation. The information was provided via the above contact person for publication on April 2nd, 2019 at 16:30 CEST
Appointed Certified Adviser to Terranet Holding AB (publ) is FNCA Sweden AB, +46(0)852800399, email@example.com.