Insplorion’s rights issue significantly oversubscribed

• The subscription ratio in the rights issue amounted to 307 percent
• Of the allotted shares, 95.6 percent of the rights issue was subscribed for by exercise of subscription rights and 4.4 percent of the rights issue was subscribed for without subscription rights.
• Subscription undertakings amounted to approximately SEK 3.7 million and guarantee commitments amounted to approximately SEK 26.6 million.
• No guarantee commitments have been utilized.

Patrik Dahlqvist, CEO Insplorion
“It is both exciting and empowering for our entire team that both existing and new shareholders choose to invest in us to this level. The capital injection will enable an acceleration of primarily our hydrogen and battery sensor projects, which are both parts of rapidly growing markets. We will, of course, do everything in our power to manage this trust in the best possible way. As previously communicated, we also look forward to an approval from Nasdaq regarding the list change to Nasdaq First North Growth Market, which is planned to take place in early 2021”.

The company will receive SEK 30.3 million before deduction of costs related to the transaction (primarily consisting of compensation for guarantee commitments, fees to advisors and costs for practical management). The rights issue consists of 1,515,778 new shares with preferential rights for the company’s shareholders. The subscription price is SEK 20 per new share and the subscription period ended on 15 December 2020.

Each guarantor can choose whether the guarantee commission shall be paid by the company in cash, or in new shares whereby each new share shall have a value corresponding to SEK 20. Guarantors have indicated interest to exercise this option in respect of a total of 123,725 new shares.

Through the rights issue, the number of shares in Insplorion will be increased by 1,515,778 from 11,352,557 to 12,868,335 (based on the assumption that the directed new share issue, see below, has been fully registered before registration of new shares from the rights issue but excluding the 123,725 new shares, based on current indication, to be issued as payment of guarantee commission). The new shares subscribed for in the rights issue by exercise of subscription rights are estimated to be registered with the Swedish Companies Registration Office during week 52. Last day of trading in the paid-up subscribed shares (“BTA”) is expected to take place in connection with registration with the Swedish Companies Registration Office. The new shares subscribed for in the rights issue without subscription rights are estimated to be registered with the Swedish Companies Registration Office within a few days following payment by those who have been allocated shares in accordance with the instructions in the contract note. The new shares are expected to be subject to trading at Spotlight Stock Market within a few days following registration with the Swedish Companies Registration Office.

Allocation of shares subscribed for without subscription rights will be made in accordance with the principles outlined in the prospectus. As confirmation of allocation of shares subscribed for without subscription rights, a contract note will be sent to those who have been allocated shares on or around 18 December 2020. No communication will be sent out to those who have not been allocated shares. Subscribed and allocated shares must be paid for in cash in accordance with the instructions in the contract note sent to those who have been allocated shares. Shareholders with nominee-registered holdings will receive confirmation of the allocation in accordance with the procedure of the respective nominee. Only those who have been allocated shares will be notified.

On 6 November 2020, the company carried out a directed issue of 1,500,000 new shares. Through the directed new share issue, the company will receive SEK 30 million before deduction of costs related to the transaction. The subscription price amounted to SEK 20 per new share. The subscribers in the directed issue consisted of a limited number of Swedish and international institutional investors as well as one pre-existing shareholder, whereas the largest investors (in terms of amount) was AP Venures Fund II GP LLP, Formue Nord A/S and Thorén Tillväxt AB and one additional UK based investment fund.
AP Venures’ payment of the shares subscribed for in the directed issue (corresponding to SEK 9 million) was conditional on that gross proceeds from the directed issue and the rights issue exceeded SEK 41 million (i.e. in addition to the SEK 9 million that AP Ventures now has contributed as payment for new shares in the directed issue). As this condition now is met, AP Ventures has paid for the shares subscribed for in the directed issue. Payment has thus been made in respect of all 1,500,000 new shares issued in the directed issue.

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