STOCKHOLM, June 24,
2024 /PRNewswire/ -- ("Moberg Pharma" or the
"Company") announces that 17,776,856 warrants of series 2023:1 ("TO
2") were exercised for subscription of in total 17,776,856 ordinary
shares for approximately SEK 320
million, corresponding to a subscription rate of
approximately 98%. As announced by the Company on June 11th, 2024, subscription and top
guarantee commitments had been made for TO 2, free of charge, with
certain external professional investors, and today the board of
directors has resolved on a directed issue of 863,333 ordinary
shares amounting to approximately SEK 16
million to the top guarantors to fulfil the top guarantee
commitments (the "Share Issue"). Through the exercise of TO 2 and
the Share Issue, Moberg Pharma thus receives approximately
SEK 336 million before issue
costs.
"When we designed the oversubscribed rights issue of units
last summer, the intention was to raise approximately SEK 200 million, half of which through the TO 2
warrants. The outcome of TO 2, where the company raises
336 million SEK, is a testament to
our strength and is expected to promote growth and shareholder
value. TO 2 has also provided an opportunity to further strengthen
our shareholder base. We appreciate the trust and look forward to
dedicating our full efforts to execute on our launch plans for the
drug MOB-015, with approval in 13 EU countries, and where our
partner Allderma has brought the product to a market-leading
position in Sweden under the brand
Terclara®. The launch is proceeding as planned, and we welcome the
new shareholders who have joined the company via TO 2 to share in
our exciting journey ahead." says Anna
Ljung, CEO at Moberg Pharma
TO 2
Exercised warrants have been converted to interim shares until the
new ordinary shares have been registered with the Swedish Companies
Registration Office. The interim shares are not subject to
organized trading. The planned date for the conversion of interim
shares to ordinary shares is on or about July 5th, 2024.
The exercise price for the warrants was set at 70 percent of the
average volume-weighted trading price of the Company's ordinary
share on Nasdaq Stockholm during the period from May 20th, 2024, to May
31st, 2024. Thus, the subscription price was set at
SEK 18.00 per share.
Shares and the share capital
When the new shares issued through the exercise of TO 2 and the
Share Issue have been registered with the Swedish Companies
Registration Office, the total number of shares and votes in Moberg
Pharma will amount to 47,879,854 and the share capital will amount
to approximately SEK 47,879,856.39.
This entails a dilution of approximately 39 percent based on the
number of shares and votes in Moberg Pharma after the exercise of
TO 2 and the Share Issue.
The Share Issue
As announced by the Company on June 11th,
2024, subscription of ordinary shares under the top
guarantee commitments takes place through subscription in a
directed issue of ordinary shares. Since a total of 17,776,856 TO 2
were exercised for subscription of ordinary shares, the board of
directors has today, by virtue of the authorization from the annual
general meeting on May 14th, 2024,
resolved on a directed issue of 863,333 ordinary shares to the top
guarantors in order to execute the top guarantee commitments.
Subscription in the Share Issue is made at the same subscription
price as for TO 2, i.e. SEK 18.00 per
ordinary share. The investors who had entered into top guarantee
commitments and therefore are participating in the Share Issue are
Special Situations Fund, Fredrik
Lundgren and Wilhelm
Risberg.
The board of directors has carefully considered the possibility
of raising capital through a rights issue and makes the assessment
that it is currently for several reasons more advantageous for the
Moberg Pharma and its shareholders to raise capital by ensuring the
exercise of TO 2 and to carry out the Share Issue.
- Moberg Pharma wished to ensure in advance that the Company
receives a certain minimum amount from the exercise of the warrants
and therefore entered into top guarantee commitments with the
investors participating in the Share Issue. As a result of the top
guarantee commitments, the investors were guaranteed allotment of
ordinary shares corresponding to at least 20 percent of their
respective guarantee commitments. Accordingly, the size of the
Share Issue was dependent on the holders' exercise of TO
2. Holders were free to exercise their TO 2 and thereby
limit the size of the Share Issue.
- The Company also believes that a rights issue under the current
volatile market conditions would entail higher costs related to any
underwriting.
- Finally, the Company wishes to expand and strengthen its base
of institutional and professional shareholders to, among other
things, improve the liquidity of the Company's share.
In light of this, the board of directors' overall assessment is
that the reasons for ensuring the exercise of TO 2 and to carry out
the Share Issue with deviation from the shareholders' preferential
rights clearly and with sufficient strength outweigh the reasons
that justify the main rule that new issues shall be carried out
with the shareholders preferential rights.
The subscription price in the Share Issue has been determined in
consultation with the Company's financial advisor, Vator Securities
AB, through arm's length negotiations with a number of
institutional and professional investors over time. Therefore, the
board of directors of the Company considers that the subscription
price has been determined on market terms and correctly reflects
current market conditions and demand.
All ordinary shares in the Share Issue have been subscribed and
allotted to the investors who had entered into top guarantee
commitments.
For additional information, please contact:
Anna Ljung, CEO, telephone: +46
70 766 60 30, e-mail: anna.ljung@mobergpharma.se
Mark Beveridge, Vice President
Finance, telephone: +46 76 805 82 88, e-mail:
mark.beveridge@moberpharma.se
About this information
This information is information that Moberg Pharma AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication at 17:35 CEST on June
24th, 2024, through the contact persons
above.
About Moberg Pharma, www.mobergpharma.com
Moberg Pharma AB (publ) is a Swedish pharmaceutical company focused
on commercializing proprietary innovations based on drug delivery
of proven compounds. The company's drug MOB-015, is a novel topical
treatment for onychomycosis (nail fungus) with market approval in
13 EU countries. MOB-015 is sold in Sweden under the brand name
Terclara® and is available at all pharmacy chains. Phase
3 clinical trials for MOB-015 involving more than 800 patients
indicate that the product has the potential to become the future
market leader in onychomycosis. Moberg Pharma has agreements with
commercial partners in place in various regions including
Europe and Canada. Moberg Pharma is headquartered in
Stockholm and the company's shares
are listed under Small Cap on Nasdaq Stockholm (OMX: MOB).
Important information
The information in this press release does not contain or
constitute an offer to acquire, subscribe for or otherwise trade in
shares, warrants or other securities in Moberg Pharma. The
invitation to the persons concerned to subscribe for units
consisting of shares and warrants in Moberg Pharma has only been
made through the prospectus published by Moberg Pharma on
August 14th, 2023.
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Moberg Pharma receives
SEK 336 million through TO 2 and directed issue to top guarantors
â€" subscription rate in TO 2 of 98%
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SOURCE Moberg Pharma