ÄNGELHOLM, Sweden,
Nov. 21,
2022 /PRNewswire/ -- The board of directors
of OXE Marine AB (publ) ("OXE Marine" or the "Company") has today
resolved to raise SEK 70 m by way of
a directed issue of 49,122,807 shares to a group of existing and
new investors. The funds are raised to build up working capital to
accelerate growth and to support strategic initiatives and the cost
for the directed issue is SEK 13,000
excluding legal costs.
The Company has collected irrevocable subscription
undertakings for the full SEK 70 m
and the outcome of the share issue will be announced shortly. The
shares are issued at a subscription price of SEK 1.425 per share, which represents a premium
of 0.5 percent to the 30 day average price for the Company's share
on Nasdaq First North Growth Market ending on 18 November 2022.
"I am extremely grateful for the continued support from
our existing shareholders who participated in this directed share
issue. At the same time, it is fantastic to also welcome incoming
prominent investors such as Håkan Roos and
Carl Rosvall as well as a number of other experienced
investors. Playing in the arena of "transition technology" we
already today probably deliver the world's most environmentally
friendly high-performance outboard engine combining speed,
durability, innovation and fuel efficiency - and with this support
we will continue to execute on our plans to develop OXE Marine as a
player in the global marine industry. As Management, we are
incredibly pleased to have raised the full, targeted amount of
SEK 70 m in a very short time frame.
This shows the support and belief in our company," says
Anders Berg, CEO of OXE
Marine.
Directed share issue
The reason for the resolutions and the deviation from the
shareholders' preferential rights is to, in a time and
cost-effective way, secure the Company's need for additional
funding and to add new strategically important shareholders to the
Company. The board of directors has made an overall assessment of
the various alternatives at hand and has carefully considered the
possibility of raising the required capital by carrying out a share
issue with preferential rights for the existing shareholders. After
close evaluation together with its advisers, the board of directors
has concluded that a preferential rights issue would entail a
significant risk that the Company would not be able to raise the
required funding, the main reason being that a rights issue would
be significantly more time-consuming and therefore subject to
higher market risk exposure compared to a directed issue. As a
consequence, especially due to the higher than normal market
volatility observed in 2022 and which is still ongoing, the board
of directors has assessed that a rights issue would require
underwriting commitments in amounts close to the full amount
sought, which the board assesses that it would not be able to
obtain on acceptable terms under current market conditions. In any
case, the costs for the necessary underwriting commitments and
advisers in a rights issue would have used up a large part of the
subscription price, which would have been to the detriment to the
Company and its shareholders compared to the directed issue at
hand. The board of directors has therefore made the assessment that
directed share issue on the terms described in this release is the
most favorable alternative for OXE Marine and in the best interest
of the Company's shareholders.
The subscription price is SEK
1.425 per share, which represents a premium of 0.5 percent
to the 30 day average price for the Company's share on Nasdaq First
North Growth Market ending on 18 November
2022. The price has been determined in negotiations with the
participating investors and it is the board of director's
assessment that this subscription price is the best price that the
Company can obtain in a directed share issue at this time.
The Company has collected irrevocable subscription undertakings
for the full SEK 70 m sought and the
outcome of the share issue will be announced shortly. Subscription
and payment for the shares shall be made no later than 22 November 2022 unless the board extends the
subscription and/or the payment period(s).
Out of the total amount, SEK 1.425
m is directed to a company owned by board member Christian
von Koenigsegg. The board will seek shareholder approval for this
part of the total amount at an extraordinary general meeting to be
convened in the coming week. The notice to attend the extraordinary
general meeting will be press released and published on the
Company's website www.oxemarine.com. The other SEK 68.575 m was resolved by the board under the
mandate from the annual general meeting.
CONTACT:
Certified Adviser
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ).
Contact details to FNCA Sweden AB: tel. +46 8 528
00 399, e-mail info@fnca.se.
For further information, please contact:
Anders Berg, CEO,
anders.berg@oxemarine.com, +46 70 358 91 55
Jonas Wikström, Chair of the board, jonas.wikstrom@oxemarine.com,
+46 70 753 65 66
OXE Marine AB (publ), is obligated to make this information
public pursuant to the EU Market Abuse Regulation. The information
was provided by the contacts above, to be submitted for publication
on 20 November 2022 at 16:15
CET.
OXE Marine AB (publ) (NASDAQ STO: OXE) has, after
several years of development, constructed the OXE Diesel, the
world's first diesel outboard engine in the high-power segment. The
Company's unique patented engine-to-propulsion power transmission
solutions have led to high demand for the Company's engines
worldwide.
The following files are available for download:
https://mb.cision.com/Main/16067/3669786/1682620.pdf
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20221120 OXE Marine -
Resolution share issue
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SOURCE OXE Marine AB