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CHROMOGENICS EVALUATES THE CONDITIONS FOR CARRYING OUT A DIRECTED ISSUE OF SHARES
The Board of Directors of
The Directed Issue
The Directed Issue is intended to be carried out with deviation from the shareholders' preferential rights and is expected to be subject to approval by an extraordinary general meeting. The subscription price and the number of newly issued shares in the Directed Issue will be determined through an accelerated bookbuilding procedure which will commence immediately after the publication of this press release and be carried out by
Prior to the Directed Issue, the Board of Directors has carefully considered the possibility of raising capital through a rights issue and makes the assessment that there are currently several reasons why it is more favourable for the shareholders to raise capital through a directed issue. A rights issue in the current market would entail a risk that the Company would not be able to meet its capital needs. A rights issue would also expose the Company's shareholders to a risk of a severely depressed share price, especially in this market with very high discounts in rights issues and high guarantee payments to underwriters. In light of this, since the Directed Issue (i) meets the capital needs to strengthen the sales organisation, intensify partnership dialogues and finance the Company's working capital and (ii) can be carried out in a more time-efficient manner and at a lower cost and with less complexity than a rights issue, it is the board of directors' overall assessment that the reasons that clearly and with sufficient strength justify that the issue is carried out with deviation from the shareholders' preferential rights outweigh the reasons that justify the main rule that a new share issue shall be carried out with preferential rights for the shareholders. The Board of Directors therefore considers that a new share issue with deviation from the shareholders' preferential rights is in the Company's and all shareholders' interest and thus the most appropriate alternative. Since the subscription price in the Directed Issue is determined through an accelerated bookbuilding procedure, it is the board of directors' assessment that the marketability of the subscription price is ensured.
In order to facilitate the Company to achieve the required subscription in the Directed Issue under the bookbuilding procedure, a number of existing shareholders, who together own approximately 47 per cent of the shares and votes in the Company, have declared their intention to support the new issue.
Loan financing
In connection with the Directed Issue,
Advisor
For questions on the Directed Issue, please contact
ecm@vatorsec.se
+46 8 5800 6589
For more information, please contact:
Fredrik Fränding, CEO
Tel: +46(0) 18 430 0430
Email: info@chromogenics.com
About this information
This information is information that
About
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 ("the Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. No prospectus has been or will be prepared in connection with the Directed Issue. In any EEA Member State, this communication is only addressed to "qualified investors" in that Member State as defined in the Prospectus Regulation.
This press release does not constitute an offer or solicitation to buy or subscribe for securities in
Forward-looking statements
This press release contains forward-looking statements related to the Company's intentions, estimates or expectations with regard to the Company's future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nasdaq First North Growth Market Rulebook.
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