Precise Biometrics AB (publ) ("Precise Biometrics" or "the Company") today announces the preliminary subscription results of the rights issue with pre-emptive rights for existing shareholders (“the Rights Issue”), whose subscription period ended today. The preliminary outcome shows that 13 613 163 new shares were subscribed for with and without support of subscription rights, corresponding to approximately 44 percent of the Rights Issue. The Rights Issue was fully secured through subscription commitments and underwriting agreements, and thus the Company will receive approximately 49,5 MSEK before issue costs of approximately 9,0 MSEK. With the proceeds from the Rights Issue, the Company can focus on commercializing its world leading products. This includes taking advantage of new verticals within business area Algo and accelerating sales efforts within Digital Identity, with focus on the US market according to the current business plan and strategy.
THIS PRESS RELEASE MAY NOT BE PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY IN OR TO RUSSIA, BELARUS, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS IN WHOLE OR IN PART FOR LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES IN PRECISE BIOMETRICS. SEE ALSO THE "IMPORTANT INFORMATION" SECTION BELOW
The subscription period for the Rights Issue ended on May 29, 2023, and the preliminary results show that 13 613 163 shares were subscribed for, corresponding to approximately 44 percent of the Rights Issue. The number of shares subscribed for with support of subscription rights amounts to 13 267 102 and the number of shares subscribed for without support of subscription rights amounts to 346 061. The Rights Issue was fully secured through subscription commitments and underwriting agreements, and thus the Company will receive approximately 49,5 MSEK before issue costs of approximately 9,0 MSEK. With the proceeds from the Rights Issue, the Company can focus on commercializing its world leading products. This includes taking advantage of new verticals within business area Algo and accelerating sales efforts within Digital Identity, with focus on the US market according to the current business plan and strategy.
A final outcome of the Rights Issue is expected to be announced on May 31, 2023. Shares will be allocated according to the principles set out in the prospectus published on May 11, 2023. Information on allocation of shares subscribed for without support of subscription rights will be sent out to those who are allocated shares on June 1st, 2023, in the form of settlement notes. The subscribed and allocated shares must be paid in cash according to the instructions on the settlement note. Shareholders registered with a nominee will be notified of their allocation in accordance with the nominee’s procedures.
“The proceeds from the Rights Issue result in a Precise that is well positioned to continue commercializing its world leading technology. During the second half of 2023 the consumer electronics market is expected to recover, which enables the Company to keep capitalizing on the global trends within cyber security and biometrics. The latest partnerships on the US market are examples of good news that we have been able to deliver during the first half of 2023, fully in line with the ambition to expand our visitor management system and our access solution based on facial recognition in the US. Now we are accelerating this and other new commercial ventures with focus on growth, sales and improved margins in the long run" says Patrick Höijer, CEO, Precise Biometrics AB.
Precise Biometrics has engaged Erik Penser Bank AB and Advokatfirman Lindahl as financial and legal advisers in connection with the Rights Issue.
The information in this press release neither contains nor constitutes an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Precise Biometrics. No action has been taken and no action will be taken to permit an offer to the public in any jurisdictions other than Sweden. The invitation to interested persons to subscribe for shares in Precise Biometrics will only take place through the prospectus that Precise Biometrics published on May 11, 2023.The information contained in this press release may not be disclosed, published or distributed, directly or indirectly, within or to the United States, Belarus, Russia, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction where such action would be illegal, subject to legal restrictions or require measures other than those that follow from Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation. No shares or other securities of Precise Biometrics have been registered, and no shares or other securities will be registered, under the United States Securities Act of 1933 from time to time ("Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and pursuant to the securities laws of the relevant state or other jurisdiction in the United States. This communication is distributed to and directed solely to persons in the United Kingdom who are (i) professional investors falling within the scope of Article 19(5) of the U.K. from time to time in force; Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("the Order") or (ii) high net worth subjects and other persons to whom this notice may lawfully be addressed, who are subject to Article 49(2)(a)-(d) ) in the Order (all such persons are collectively referred to as "Relevant Persons"). Persons who are not Relevant Persons may not act on or rely on the information in this communication. An investment or investment measure referred to in this communication is only possible for Relevant Persons and will only be completed with Relevant Persons. Persons who disseminate this communication must themselves ensure that such dissemination is permitted.