Impact Coatings announces intention to carry out a directed new share issue of approximately SEK 100 million

2021-02-24

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

 

Impact Coatings AB (publ) (”Impact Coatings” or the ”Company”) hereby announces intention to carry out a directed new share issue of approximately SEK 100 million directed to Swedish and international institutional investors (the “Directed New Share Issue”).

The Directed New Share Issue is intended to be carried out with deviation from the shareholders’ preferential rights pursuant to the authorization granted by the annual general meeting on 14 May 2020. Impact Coatings has engaged Pareto Securities AB (“Pareto Securities”) to investigate the conditions for the Directed New Share Issue through an accelerated bookbuilding procedure.

The subscription price for the shares in the Directed New Share Issue will be determined through an accelerated bookbuilding procedure, which will begin immediately after publication of this press release and end before the commencement of trading on Nasdaq First North Growth Market on February 25, 2021. The bookbuilding procedure may, at the discretion of the Company or Pareto Securities, close earlier or later and may be cancelled at any time. The net proceeds from the Private Placement are intended to enable increased investments in the Company’s internationalization as well as in its commercial, technical, and production capabilities, in order to capitalize on significant growth opportunities presented by the migration from fossil-fuel to hydrogen-based energy systems and the advancement of automotive safety and related applications.

The reasons for the deviation from the shareholders’ preferential rights are also to diversify the ownership base in the Company among Swedish as well as international institutional and reputable investors and to take the opportunity to raise capital in a time and cost efficient manner. Given that the subscription price in the Directed New Share Issue will be determined through an accelerated bookbuilding procedure, it is the board of directors’ assessment that the subscription price will be determined at market terms and conditions.

Impact Coating´s largest shareholder Accendo Capital, which owns approximately 12 percent of the number of shares and votes in the Company, has undertaken to subscribe for shares corresponding to its ownership share in the Company in the Directed New Share Issue.

In connection with the Directed New Share Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of 12 months after the announcement of the outcome of the Directed New Share Issue. Board members, shareholding senior executives and certain larger existing shareholders, namely Accendo Capital and Hyundai Motor Company, have undertaken not to sell any shares in Impact Coatings for a period of 90 calendar days after the announcement of the outcome of the Directed New Share Issue, with customary exceptions.

Advisers

Pareto Securities AB acts as Sole Manager and Bookrunner and Kanter Advokatbyrå KB acts as legal counsel to the Company and Baker McKenzie Advokatbyrå KB acts as legal counsel to Pareto Securities in connection with the Directed New Share Issue.


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