PledPharma raises SEK 250 million in oversubscribed rights issue and utilized overallotment option
November 25, 2020
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WHOLLY OR PARTLY, IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), ANY STATE OF THE UNITED STATES INCLUDING THE DISTRICT OF COLUMBIA, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SINGAPORE, SWITZERLAND, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE PROHIBITED BY APPLICABLE LAW.
PledPharma AB (publ)’s (STO:PLED), under proposed name change to Egetis Therapeutics AB, (“PledPharma” or the “Company”) today announces that the new share issue with preferential rights for the Company’s existing shareholders of approximately SEK 200 million (the “Rights Issue”) was oversubscribed, and hence, no guarantee commitments will be utilized. Due to strong demand, the Board of Directors in the Company has resolved to carry out a directed issue with deviation from the shareholders’ preferential rights of approximately SEK 50 million (the “Overallotment Option”). Shares in the Overallotment Option were allotted to the Fourth Swedish National Pension Fund (“AP4”), NYIP (Nyenburgh Holding BV) and Nordic Cross. Through the Rights Issue and the Overallotment Option, PledPharma will receive proceeds amounting to approximately SEK 250 million before transaction costs.
The result of the Rights Issue of maximum 38,238,085 shares shows that 29,069,110 new shares, corresponding to approximately 76 percent of the Rights Issue, have been subscribed for with subscription rights. Additionally, 19,769,548 shares were subscribed for without subscription rights of which 9,168,975 shares, corresponding to approximately 24 percent of the Rights Issue, have been allotted to investors that have subscribed for shares without subscription rights. The Rights Issue is thus oversubscribed and hence, no guarantee commitments will be utilized.
Allotment of shares subscribed for without subscription rights has been made in accordance with the resolved allotment principles. Notice of allotment of shares subscribed for without subscription rights will only be sent to those who have been allotted shares. Payment shall be made in accordance with the instructions on the contract note. Nominee-registered shareholders will receive notice of allotment and payment in accordance with the procedures of each nominee.
Due to the oversubscription of the Rights Issue, the Board of Directors of the Company has exercised the Overallotment Option to meet additional demand from strategic investors through a directed issue of 9,523,809 new shares. Shares in the Overallotment Option were allotted to the Fourth Swedish National Pension Fund (“AP4”), NYIP (Nyenburgh Holding BV) and Nordic Cross.
Following the Rights Issue and Over-Allotment Option, PledPharma’s share capital will increase by approximately SEK 2,513,785 to approximately SEK 8,687,822 and the number of shares will increase by 47,761,894 shares to 165,068,560 shares.
The last day of trading in paid subscribed shares (BTA) will be December 2, 2020.The shares subscribed for in the Rights Issue and through exercise of the Overallotment Option are expected to be registered with the Swedish Companies Registration Office during week 49 and are expected to begin trading on Nasdaq Stockholm during week 50.
Financial and legal advisors
ABG Sundal Collier and Pareto Securities acted as Joint Bookrunners for the Rights Issue. Advokatfirman Lindahl acted as the legal advisor to PledPharma and Baker McKenzie acted as the legal advisor to the Joint Bookrunners.