STENOCARE – Rights issue registered and warrants exercised

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STENOCARE A/S NASDAQ FIRST NORTH GROWTH MARKET, DENMARK TICKER: STENO In May – June 2020, STENOCARE A/S (“STENOCARE”) carried out a rights issue of shares. The company today announces that the rights issue and related conversion of loans has been formally registered at the Danish Business Authority (Danish: “Erhvervsstyrelsen”) and the new shares are expected to be admitted to trading on Nasdaq First North Growth Market on June 24, 2020. The company also announces that STENOCARE’s advisors, Gemstone Capital ApS (“Gemstone”) has exercised a total of 43,977 warrants which have been registered at the same time as the shares from the rights issue. The company’s share capital has, in connection with the registration, increased from 715,420.96 DKK to a new total of DKK 934,090.08, divided into a new total of 11,676,126 shares. STENOCARE also confirms that the transfer of bonus shares from the company’s founders to shareholders is in process and due for expected completion on June 24, 2020.

Through the rights issue, the number of shares in STENOCARE has increased by 2,240,460, comprising 1,490,460 new shares in the ordinary rights issue as well as full use of the oversubscription reserve of an additional 750,000 new shares. Due to the simultaneous conversion of loans in a separate directed issue on the same terms as the rights issue (as described in the Prospectus), another 448,927 additional new shares are issued. With this, STENOCARE’s share capital has increased by DKK 215,150.96 corresponding to a total of 2,689,387 new shares. After the issue of shares, the share capital comprises DKK 930,571.92 divided into 11,632,149 shares. Moreover, Gemstone has decided to exercise a total of 43,977 warrants, which were granted to Gemstone during STENOCARE’s IPO in 2018. Each warrant entitled Gemstone the right to subscribe for one (1) new share in STENOCARE at the original IPO subscription price of DKK 8,80. Upon the exercise of all warrants held by Gemstone, the number of shares in STENOCARE has increased by an additional 43,977 shares, resulting in an increase in the share capital of DKK 3,518.16. Through the exercise, STENOCARE will receive approximately DKK 387,000. After this exercise, Gemstone has no more outstanding warrants.

Total number of shares and share capital in STENOCARE

As a result of the above (rights issue, parallel directed issue and exercise of warrants in combination), the company’s total share capital is now 934,090.08 DKK, and the total number of shares registered is increased by a total of 2,733,364 to 11,676,126 shares. As has been previously communicated, STENOCARE’s founders have committed to offer free existing shares for subscribers in the rights issue that was conducted in May – June 2020. For each three (3) new shares that were purchased in the rights issue, one (1) free share is received from the company’s founders. This transfer is related only to existing shares and therefore has no impact on the total number of shares or share capital in STENOCARE.

Dilution and strengthened financial position of STENOCARE

The total number of new shares of 2,733,364 corresponds to a total dilution of 23% post money. In exchange, the company’s financial position is strengthened by a total of DKK 54.2 million (before cost) represented by total cash proceeds of DKK 45.2 million and further strengthening of the balance sheet by DKK 9 million, corresponding to the loan conversion. With this, STENOCARE is ready to execute on its ambitious, international strategy.

 

This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on June 17, 2020.