THE INFORMATION IN THIS PRESS RELEASE IS NEITHER AN OFFER TO ACQUIRE NOR AN OFFER TO SUBSCRIBE FOR ANY SECURITIES IN IMPACT COATINGS AND THE INFORMATION IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, HONG KONG, NEW ZEALAND, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, SINGAPORE, JAPAN, RUSSIA, BELARUS OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL. PLEASE SEE “IMPORTANT INFORMATION” AT THE END OF THIS PRESS RELEASE.
On 23 March 2023, Impact Coatings AB (publ) (“Impact Coatings” or the “Company”) announced the preliminary outcome of the Company’s rights issue of up to 30,877,662 shares with a subscription price of SEK 4.80 per share (the “Rights Issue”), for which the subscription period ended on 23 March 2023. The Company has today received the final outcome of the Rights Issue, which corresponds with the preliminary results, which concludes that 11,918,604 shares, corresponding to approximately 38.6 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 65,127 shares without subscription rights, corresponding to approximately 0.2 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 38.8 percent of the offered shares. Hence, guarantee commitments of 18,893,931 shares, corresponding to approximately 61.2 percent of the offered shares, will be utilized. The Rights Issue will provide the Company with approximately SEK 148.2 million before deduction of costs related to the Rights Issue.
”We are pleased to have concluded the rights issue in this challenging market environment, where our main owner Accendo shows its commitment to the company and our journey forward. The rights issue secures investments in the fast-growing green hydrogen market as well as expansion in North America. We will establish a new Coating Service Center in the US and continue to develop existing centers in other regions, bringing us closer to customers while enabling us to successively scale up production. Altogether, this is an important step that secures continued investments in the industrialization and internationalization of Impact Coatings – and the exciting growth journey we have ahead of us,” said Torbjörn Sandberg, CEO of Impact Coatings.
On 22 December 2022, Impact Coatings announced that the Board of Directors of the Company intended to resolve on the Rights Issue. On 28 February 2023, the Board of Directors of Impact Coatings reolved on the Rights Issue, making use of the authorisation by the Extraordinary General Meeting on 16 February 2023.
The Rights Issue is comprised of up to 30,877,662 shares, and the final outcome concludes that 11,918,604 shares, corresponding to approximately 38.6 percent of the offered shares, have been subscribed for with subscription rights. Additionally, applications for subscription of 65,127 shares without subscription rights, corresponding to approximately 0.2 percent of the offered shares, have been received. Consequently, the Rights Issue is subscribed to approximately 38.8 percent of offered shares with and without the support of subscription rights. Guarantee commitments of 18,893,931 shares, corresponding to approximately 61.2 percent of the offered shares, will be utilized. The last day of trading in paid subscribed shares (Sw. BTA) is on 4 April 2023. The new shares subscribed for with and without subscription rights are expected to be traded on Nasdaq First North Growth Market as from 7 April 2023. The Rights Issue will provide the Company with approximately SEK 148.2 million before deduction of costs related to the Rights Issue, which amounts to approximately SEK 17.9 million.
Notice of allotment
Those who have subscribed for shares without subscription rights has been allocated shares in accordance with the principles set out in the prospectus published on 3 March 2023. Notice of allotment to the persons who subscribed for shares without subscription rights is expected to be distributed on 27 March 2023. Subscribed and allotted shares 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 shares will be notified.
Number of shares and share capital
Through the Rights Issue, the number of shares in Impact Coatings will increase by 30,877,662, from 56,609,051, to 87,486,713 and the share capital will increase by a maximum of SEK 3,859,707.750, from SEK 7,076,131.375 to SEK 10,935,839.125.
Pareto acts as Sole Manager and Bookrunner, KANTER Advokatbyrå KB is legal adviser to the Company and Advokatfirman Schjødt is legal adviser to Pareto Securities AB in connection with the Rights Issue.