EPISURF
Episurf Medical carries out a directed share issue and raises proceeds of SEK 66 million (Cision)
2020-11-26 19:30
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The Board of Directors of Episurf Medical AB (publ) (”Episurf Medical” or the ”Company”) has, based on the authorisation granted by the Annual General Meeting on 2 April 2020, resolved on a directed issue of 36,811,000 shares of series B at an issue price of SEK 1.80 per share (the “Share Issue”). The Company will thereby receive proceeds of SEK 66,259,800 before transaction costs. The issue price corresponds to a discount of 9 percent in relation to the volume-weighted average price for the Company’s share during the last 5 trading days up to and including 26 November 2020. The Share Issue is directed mainly to strategic and institutional investors who have undertaken to subscribe for and pay all shares in the Share Issue, among others Andra AP-fonden, Fjärde AP-fonden, Nyenburgh Holding, Primas Invest, Rhenman & Partners, Strand Kapitalförvaltning, Tredje AP-fonden and Unionen.
“ Through the share issue, we assess that our financial needs are secured at least until mid-2023, by which time we expect to have achieved several additional commercial and clinical milestones. We are now increasing our commercial focus towards key markets in Europe and certain markets outside of Europe, including a focus on marketing, regulatory work, and reimbursement. We are also taking an important step in our development, as the company’s institutional shareholding increases significantly. I want to take the opportunity to thank all the investors for their support in this transaction ”, says Pål Ryfors, CEO of Episurf Medical.
In connection with the Share Issue, the Company’s board of directors and management team have undertaken towards Zonda Partners, who is the Sole Bookrunner of the Share Issue, subject to customary exceptions, not to, without Zonda Partners’ consent, sell their shares in the Company during a period of 180 days from the Board of Directors’ resolution regarding the Share Issue.
The purpose of the Share Issue is to satisfy the Company’s capital needs in order to create additional financial capacity to realise the Company’s business plan and thereby create shareholder value. The reason for deviating from the pre-emptive rights of existing shareholders is to broaden the institutional shareholder base and at the same time implement the capital raising in a time- and cost-efficient manner.
As a result of the Share Issue, the total number of shares in the Company will increase from 185,029,787 shares to 221,840,787 shares, divided on 971,024 shares of series A and 220,869,763 shares of series B, and the Company’s share capital increases from SEK 55,555,921.25 to SEK 66,608,568.77. The Share Issue entails a dilution of approximately 16.59 percent and 16.45 percent in relation to the total number of issued shares and votes in the Company, respectively, after the Share Issue.
In connection with the Share Issue, Zonda Partners AB was appointed as Sole Bookrunner and Hannes Snellman Attorneys Ltd as legal advisor. Aktieinvest FK AB is settlement agent for the Share Issue.
