Metacon announces preliminary outcome of the rights issue.
Metacon AB (publ) (“Metacon” or the “Company”) announces the preliminary outcome for the Company’s rights issue of up to 68,517,160 units, each unit consisting of six (6) shares and two (2) warrants of series TO 1 in the Company (the “Rights Issue”). The subscription price in the Rights Issue was SEK 1.74 per unit, corresponding to SEK 0.29 per share (the warrants of series TO 1 are issued free of charge). The subscription period in the Rights Issue, which ended on 19 February 2024, indicates that 34,215,600 units, corresponding to approximately 49.9 percent of the Rights Issue, have been subscribed for with the support of unit rights. Additionally, applications for subscription of 2,727,145 units without the support of unit rights, corresponding to approximately 4.0 percent of the Rights Issue, have been received. In aggregate, the subscriptions with the support of unit rights and the applications for subscription of units without the support of unit rights correspond to approximately 53.9 percent of the Rights Issue. Hence, guarantee commitments of preliminary 20,531,392 units, corresponding to approximately 30.0 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.0 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO 1, at the maximum subscription price of SEK 0.44, the Company is expected to raise up to an additional approximately SEK 50.6 million before deduction of cost related to the warrants.
On 20 December 2023, Metacon announced that the Board of Directors of the Company intended to resolve on the Rights Issue. On 24 January 2024, the extraordinary general meeting resolved to increase the Board of Director’s authorization. Consequently, on 25 January 2024, the Board of Directors resolved on the Rights Issue.
Preliminary outcome
The preliminary outcome indicates that 34,215,600 units, corresponding to approximately 49.9 percent of the Rights Issue, have been subscribed for with the support of unit rights in the Rights Issue. Additionally, applications for subscription of 2,727,145 units without the support of unit rights, corresponding to approximately 4.0 percent of the Rights Issue, have been received. Thus, the preliminary outcome indicates that the Rights Issue is subscribed to approximately 53.9 percent, with and without the support of unit rights, and that guarantee commitments of preliminary 20,531,392 units, corresponding to approximately 30.0 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.0 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO 1, at the maximum subscription price of SEK 0.44, the Company is expected to raise up to an additional approximately SEK 50.6 million before deduction of cost related to the warrants.
Number of shares and share capital
The preliminary outcome in the Rights Issue indicates, following registration of the Rights Issue with the Swedish Companies Registration Office (Swe. Bolagsverket), that the Company’s share capital will increase by SEK 3,448,448.22 through issuance of 344,844,822 new shares. The number of shares thereby preliminary increases from 342,585,803 to a maximum of 687,430,625. Shareholders that have not participated in the Rights Issue will be diluted by preliminary approximately 50.2 percent. In case all warrants of series TO 1 are used to subscribe for shares, the number of shares will further increase by preliminary 114,948,274 to a maximum of 802,378,899 shares and the share capital will further increase by a maximum of SEK 1,149,482.74 resulting in an additional dilution effect of approximately 14.3 percent.
Notice of allotment
Those who have subscribed for units without the support of unit rights will be allocated units in accordance with the principles set out in the prospectus published by the Company on 30 January 2024. Notice of allotment to the persons who subscribed for units without the support of unit rights is expected to be distributed on 21 February 2024. Subscribed and allotted units shall be paid in cash in accordance with the instructions on the settlement note sent to the subscriber. Subscribers who have subscribed through a nominee will receive notification of allocation in accordance with their respective nominee’s procedures. Only those who have been allotted units will be notified.
Final outcome
The final outcome of the Rights Issue is expected to be published on 20 February 2024. The last day of trading in paid subscribed units (Sw. BTU) is expected to be on 27 February 2024. The new shares and warrants of series TO 1 subscribed for with and without the support of unit rights are expected to be traded on Nasdaq First North Growth Market as from 4 March 2024.
Advisers
Pareto Securities is Sole Manager and Bookrunner, Advokatfirman Schjødt is legal adviser to the Company and Baker & McKenzie Advokatbyrå KB is legal adviser to Pareto Securities in connection with the Rights Issue.
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Metacon announces preliminary outcome of the rights issue. source
