WithSecure Corporation successfully completes share issue raising EUR 77 million

WithSecure Corporation: Stock Exchange release 23 March 2022, at 23:45 EET

WithSecure Corporation - Inside information

WithSecure Corporation successfully completes share issue raising EUR 77 million


WithSecure Corporation (“WithSecure” or “Company”, previously known as F-Secure Corporation) announced today on 23 March 2022 its intention to offer preliminarily up to 15,800,000 new shares in the Company (“Shares”) to a number of institutional investors in an accelerated book-built offering deviating from the shareholders' pre-emptive subscription rights (“Offering”). Organised by Carnegie Investment Bank AB, Finland Branch, the Offering was carried out in an accelerated book-building process in which selected institutional investors submitted bids for the Shares. The Offering attracted strong domestic and international demand from more than 50 high-quality institutional investors.

The Board of Directors of the Company decided in its meeting on 23 March 2022 to issue 15,800,000 Shares in the Offering based upon the authorization granted by the General Meeting on 16 March 2022. The Board of Directors has accepted the terms and conditions of the Offering and the subscriptions made in accordance with the terms and conditions of the Offering.

The subscription price was EUR 4.86 per Share. The subscription price was 7.3 per cent lower than the one-week volume-weighted average price (VWAP) of the Company share between 17 March 2022 and 23 March 2022, and 11.9 per cent lower than the volume-weighted average price (VWAP) of the Company share on 23 March 2022. The subscription price represents a 13.4 per cent premium to the share price since the announcement of the planned partial de-merger. The subscription price will be credited in full to the Company’s reserve for invested unrestricted equity

The Company expects to receive gross proceeds of approximately EUR 77 million as a result of the Share Issue. The Company intends to use the proceeds from the Offering to finance the implementation of the growth strategy relating to its corporate security business.

After the subscribed Shares have been entered in the Trade Register, the number of shares in the Company will be 174,598,739. The subscribed Shares correspond to approximately 9.9 per cent of all of WithSecure’s shares and votes immediately prior to the Offering and to approximately 9.0 per cent after the Offering.

The Shares will be entered in the Trade Register approximately on 25 March 2022, and trading in the Shares together with the existing shares is expected to commence on Nasdaq Helsinki Ltd on or about 28 March 2022.

In connection with the Offering, WithSecure has entered into a lock-up undertaking with Carnegie Investment Bank AB, Finland Branch, under which WithSecure has, subject to certain customary exceptions, agreed not to issue or sell any Shares in WithSecure for a period commencing after the closing of the Offering and continuing until 31 December 2022. Notwithstanding the lock-up undertaking, WithSecure may propose to its shareholders the approval of the demerger plan announced by the Company on 17 February 2022 and take any other measures necessary for the consummation of the contemplated partial demerger. In addition, the Company’s largest shareholder Risto Siilasmaa has agreed not to sell any shares in WithSecure for a period of 180 days after the closing of the Offering.

Carnegie Investment Bank AB, Finland Branch acts as the Sole Global Coordinator, Bookrunner and Manager of the Offering.

WithSecure Corporation

Board of Directors

Additional information:

Juhani Hintikka, CEO, WithSecure Corporation, tel. +358 50 364 7802,

Tom Jansson, CFO, WithSecure Corporation, tel. +358 40 700 1849


Nasdaq Helsinki LtdMain mediahttps://www.withsecure.com/en/about-us/investor-relations

Important notice

Carnegie Investment Bank AB, Finland Branch (“Carnegie”) is acting exclusively for the Company and no one else and they will not regard any other person (whether or not a recipient of this release) as their respective clients in relation to the Offering. Carnegie will not be responsible to anyone other than WithSecure for providing the protections afforded to their respective clients and will not give advice in relation to the Offering or any transaction or arrangement referred to herein. Carnegie assumes no responsibility for the accuracy, completeness or verification of the information set forth in this release and, accordingly, disclaim, to the fullest extent permitted by applicable law, any and all liability which they may otherwise be found to have in respect of this release. Nothing contained in this release is, or shall be relied upon as, a promise or representation as to the past or the future.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, New Zealand, Singapore, Hong Kong, South Africa or Japan. This release does not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the Offering in the United States or to conduct a public offering of securities in the United States. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

The issue, exercise or sale of securities in the Offering are subject to specific legal or regulatory restrictions in certain jurisdictions. WithSecure assumes no responsibility in the event there is a violation by any person of such restrictions.

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This release and the Offering are only addressed to and directed at persons in member states of the European Economic Area (each a “Relevant State”) who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Qualified Investors. This release should not be acted upon or relied upon in any Relevant State by persons who are not Qualified Investors. For the purposes of this release, the expression “Prospectus Regulation” means Regulation (EU) 2017/1129.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Shares have been subject to a product approval process, which has determined that such Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Shares may decline and investors could lose all or part of their investment; the Shares offer no guaranteed income and no capital protection; and an investment in the Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the Shares. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Carnegie as Lead Manager, will only procure investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the Shares and determining appropriate distribution channels.

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