The subscription period for the new share issue in InCoax Networks AB (publ) (“InCoax” or the “Company”) with preferential rights for existing shareholders (the “Rights Issue”) was completed on September 7, 2020. The outcome of the Rights Issue, which was covered by subscription and guarantee commitments corresponding to 100 percent, shows that the Rights Issue was subscribed by approximately 281 percent which of approximately 94 with the support of subscription rights and approximately 187 percent without the support of subscription rights. The guarantee commitments have therefore not been used. The Rights Issue provides the Company with approximately SEK 42 million after deduction of issue costs of approximately SEK 6 million, of which guarantee compensation amounts to approximately SEK 2.6 million. Of the proceeds, approximately SEK 15.8 million relates to set-off against previously granted loans.
Allotment of shares subscribed for without subscription rights has been granted in accordance with the principles set out in the EU Growth Prospectus drawn up in connection with the Rights Issue and published on August 20, 2020. Notice of allotment of shares subscribed for without subscription rights will be sent within short to those who have been allotted shares. The shares must be paid in accordance with the instructions on the settlement note.
After the Rights Issue, the share capital amounts to SEK 6,860,599, divided into a total of 27,442,396 shares.
Trading in paid subscribed shares (INCOAX BTA) takes place on the Nasdaq First North Growth Market until the Swedish Companies Registration Office (Sw. Bolagsverket) has registered the Rights Issue. This registration is expected to take place during week 39, 2020.
Financial and legal advisors
Västra Hamnen Corporate Finance AB is financial advisor and Setterwalls Advokatbyrå AB is legal advisor to InCoax in connection with the Rights Issue.
This information is such information as InCoax Networks AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CEST on September 10, 2020.
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in InCoax. No action has been taken and measures will not be taken to permit a public offering in any jurisdictions other than Sweden. The invitation to interested persons to subscribe for shares in InCoax has only been made through the EU Growth Prospectus which the Company published on August 20, 2020.
The information in this press release may not be released, distributed or published, directly or indirectly, in or into the United States, Australia, Canada, Japan or any other jurisdiction in which such action would be unlawful or would require registration or any other measures than those required by Swedish law. Actions in violation of these restrictions may constitute a violation of applicable securities laws. No shares or other securities in InCoax have been registered, and no shares or other securities will be registered, under the United States Securities Act of 1933, as amended (the “Securities Act”) or the securities legislation of any state or other jurisdiction in the United States and no shares or other securities may be offered, sold or otherwise transferred, directly or indirectly, in or into the United States, except under an available exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with the securities legislation in the relevant state or any other jurisdiction of the United States.
Within the European Economic Area (“EEA”), no public offering of shares or other securities (“Securities”) is made in other countries than Sweden. In other member states of the EU, such an offering of Securities may only be made in accordance with the Prospectus Regulation (EU) 2017/1129 (the “Prospectus Regulation”). In other member states of the EEA which have implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption in the Prospectus Regulation and/or in accordance with an applicable exemption under a relevant national implementation measure. In other member states of the EEA which have not implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption under national law.
This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
This press release may contain forward-looking statements which reflect the Company’s current view on future events and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements.