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The Board of Polymer Factory Sweden AB (publ) resolves on a rights issue of shares

NOT FOR PUBLICATION, DISCLOSURE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, JAPAN, SOUTH KOREA, AUSTRALIA, NEW ZEALAND, HONG KONG, SINGAPORE, SOUTH AFRICA, SWITZERLAND, UNITED KINGDOM OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE ILLEGAL OR REQUIRE ADDITIONAL REGISTRATION ACTIONS OR OTHER ACTIONS BEYOND WHAT IS REQUIRED UNDER SWEDISH LAW. PLEASE SEE “IMPORTANT INFORMATION” AT THE END OF THIS PRESS RELEASE.


The Board of Directors of Polymer Factory Sweden AB (“Polymer Factory” or the “Company”) has today, 27 January 2023, resolved on an issue of shares with pre-emptive rights for existing shareholders, in which the public is also given the opportunity to participate (the “Rights Issue”). The Board of Directors’ resolution is subject to approval by an Extraordinary General meeting planned to be held on 15 February 2023. Notice for the General meeting will be published in a separate press release. The Rights Issue can provide Polymer Factory a maximum amount of approx. SEK 8.8 million before deduction of transaction related cost. The Rights Issue is covered to approx. 70 percent through declarations of intent to subscribe and underwriting commitments.


The Rights Issue in brief

  • The Board of Directors has today, 27 January 2023, resolved on the Rights Issue. The resolution is subject to approval by an Extraordinary General Meeting planned to be held on 15 February 2023.

  • The Rights Issue can provide Polymer Factory a maximum amount of approx. SEK 8.8 million before deduction of transaction related cost.

  • The purpose of the Rights Issue is to finance a continued acceleration of sales by, among other things, increase sales and marketing activities, employ an additional sales resource, expansion of the orga­nization by adding resources to meet increased demand, and continued development of the Company’s portfolio of IP rights and ISOs.

  • The subscription price has been set to SEK 1.60 per share.

  • Existing shareholders will receive one (1) subscription right for each held share on the record date on 22 February 2023. Five (5) subscription rights entitle the holder to subscribe for four (4) new shares.

  • The subscription period will run from 24 February 2023 until and including 10 March 2023.

  • Members of the Board of Directors and management intend to subscribe for a approx. 23 percent of the issue and external professional investors have left underwriting commitments corresponding to approx. 47 percent of the Issue. Hence, the Rights Issue is covered to approx. 70 percent through declarations of intent to subscribe and underwriting commitments.

Background and motive

Since its listing on Spotlight Stock Market in 2021, Polymer Factory has focused on the process of strengthening the organization as well as increasing sales. The Company not only closed the year 2021 with increased revenues but also launched a new product segment, BowtieD®. During the first half of 2022, Polymer Factory primarily focused on expanding the team and deepening relationships with customers, while continuing to engage new leads. On the product development side, Polymer Factory progressed with the product launch of Dendritic Nanogels (DNG) in Q4 2022 as a future competitor to liposome carriers and organic/inorganic nanoparticle carriers as well as the expansion of the SpheriCal® calibrant platform. During Q3 2022, the turnover in Polymer Factory increased to SEK 1.1 million, compared to the same period last year when turnover was SEK 400,000. In December 2022, Polymer Factory received certification for its quality management system (ISO 13485) – an internationally recognized standard designed to be used by organizations involved in design and manufacturing of medical devices and related services. The ISO-certification underlines the quality of the Company’s work in developing products.


To finance future objectives and growth, Polymer Factory has resolved on the Rights Issue, which can provide the Company with a gross total of approx. SEK 8.8 million, before the deduction of transaction related costs. It is the Board of Directors’ assessment that the total net proceeds from the Rights Issue will be sufficient to conduct current operations at the desired pace during at least the next twelve-month period.


For more information about the Rights Issue, please contact:

Sedermera Corporate Finance AB Phone: +46 40 615 14 10 Email: cf@sedermera.se www.sedermera.se

For more information, please contact:

Elin Mignérus, CEO

Phone: +46 (0) 79 300 27 76


Find the full press release here:

Press release Jan 27 - Rights issue
.pdf
Download PDF • 259KB

This disclosure contains information that Polymer Factory AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27 January 2023.

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