Impact Coatings completes a directed new share issue of approximately SEK 120 million

2021-02-24

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO 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”) has, as communicated in the Company’s press release earlier today, carried out a directed new share issue of 4,800,000 shares, corresponding to approximately SEK 120 million (the “Directed New Share Issue”). The subscription price of the shares in the Directed New Share Issue amounts to SEK 25.00 per share. A large number of Swedish and international institutional investors, including Länsförsäkringar Fonder and existing shareholder Accendo Capital, participated in the Directed New Share Issue.

The board of directors of the Company has, as announced in the Company’s press release earlier today, resolved on a directed share issue of 4,800,000 new shares. The subscription price in the Directed New Share Issue was SEK 25.00 and has been determined through an accelerated bookbuilding procedure carried out by the Company’s financial advisor Pareto Securities AB (“Pareto Securities”). It is therefore the board of directors’ assessment that the terms for the Directed New Share Issue and the subscription price were set in accordance with current market conditions. The subscription price in the Directed New Share Issue constitutes a discount of approximately 7.7 percent compared to closing price on Nasdaq First North Growth Market on 24 February 2021. Through the Directed New Share Issue Impact Coatings will receive approximately SEK 120 million before deduction of transaction costs.

A large number of Swedish and international institutional investors, including Länsförsäkringar Fonder and existing shareholder Accendo Capital, participated in the Directed New Share Issue.

The reasons for the deviation from the shareholders’ preferential rights are to diversify the shareholder base among reputable Swedish and international institutional investors and at the same time raise capital in a time and cost efficient manner. 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.

Through the Directed New Share Issue, the number of outstanding shares and votes will increase by 4,800,000 from 51,809,051 to 56,609,051. The share capital will increase by SEK 600,000, from SEK 6,476,131.375 to SEK 7,076,131.375. The Directed New Share Issue entails a dilution of approximately 8.5 percent of the number of shares and votes in the Company based on the number of shares and votes following 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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