Ferroamp announces outcome in the company's fully guaranteed rights issue - raises approximately SEK 220 million
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Ferroamp AB (publ) ("Ferroamp" or the "Company") hereby announces the outcome in the Company's fully guaranteed issue with preferential rights for the Company's shareholders with the subscription period ending on 13 June 2023 (the "Rights Issue"). The result of the Rights Issue of 16,171,046 shares shows that 14,624,632 new shares, corresponding to 90.4 percent of the Rights Issue, have been subscribed for with subscription rights. Additionally, 7,600,833 shares were subscribed for without subscription rights of which 1,546,414 shares, corresponding to 9.6 percent of the Rights Issue, have been allotted to investors that have subscribed for shares without subscription rights. The Rights Issue is thus oversubscribed and will provide the Company with approximately SEK 220 million before deductions of costs attributable to the transaction.
Allotment of shares subscribed for without subscription rights has been made in accordance with the resolved allotment principles. Notice of allotment of shares subscribed for without subscription rights will be sent only to those who have been allotted shares. Payment shall be made in accordance with the instructions on the contract note. Nominee-registered shareholders will receive notice of allotment and payment in accordance with the procedures of each nominee.
Following the Rights Issue, Ferroamp's share capital will increase by approximately SEK 1,617,104.6 to SEK 3,087,199.7 and the number of shares will increase by 16,171,046 shares to 30,871,997 shares.
The shares subscribed for are expected to be registered with the Swedish Companies Registration Office (Sw. Bolagsverket) around 22 June 2023 and are expected to begin trading on Nasdaq First North Growth Market around 26 June 2023.
In connection with the Rights Issue, the Company has engaged Carnegie Investment Bank AB (publ) as Sole Global Coordinator and Bookrunner, and Baker McKenzie as legal advisor.
For further information, please contact:
Ylwa Karlgren, Chairman of the Board
Phone: +46 76-140 85 00
Email: [email protected]
Ferroamp is an innovative technology Company within Greentech that provides a combined hardware and software platform for power and energy optimization in properties. The Ferroamp system integrates renewable energy, energy storage and electric vehicle charging into a local direct current (DC) network, with a connection to the power grid. The Ferroamp system gives the property owner control over the electricity grid connection and makes the property an active resource in the energy landscape.
The technology is used within everything from single family homes to apartment buildings and larger commercial properties, but also has applications outside real estate installations, such as depot charging of electric cars. With the PowerShare technology, several buildings can be connected and share local energy.
The demand for Ferroamp's products is high and has grown significantly in recent years, between 2019 and 2022, net sales increased from SEK 46 million to SEK 205 million, which corresponds to a compound annual growth rate of 65 percent. At the beginning of 2023, Ferroamp communicated that the Company enters 2023 with a record order book of SEK 350 million. During the period 2019 to 2022, the number of employees in the Company has increased from 28 to 68. Ferroamp is an established actor and had, as of 31 March 2023, 6,355 systems installed.
Ferroamp's head office is located in Spånga outside Stockholm. As a result of the continued growth, the Company will move to new premises in Sundbyberg in September 2023. The Company has been listed on the Nasdaq First North Growth Market in Stockholm since March 2019.
Visit www.ferroamp.com for more information about the Company's activities or Ferroamp's investor website for more financial information: https://investor.ferroamp.com/.
Ferroamp is listed on the Nasdaq First North Growth Market. G&W Fondkommission is the Company's Certified Adviser.
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, neither from the Company nor from someone else.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Canada, Hong Kong, Japan, New Zeeland, Singapore, South Africa, Switzerland or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/2019 (the "Prospectus Regulation"). A prospectus has been prepared by the Company in connection with the Rights Issue, which has been reviewed and approved by the Swedish Financial Supervisory Authority as the national competent authority in Sweden with regard to the Prospectus Regulation.
In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by Carnegie. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. Carnegie is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.
This press release does not constitute an invitation to warrant, subscribe, or otherwise acquire or transfer any securities in any jurisdiction. This press release does not constitute a recommendation for any investors' decisions regarding the Rights Issue. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release.
This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is not required by law or Nasdaq First North Rulebook for Issuers.
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 in the Company 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 "EU Target Market Assessment"). Solely for the purposes of each manufacturer's product approval process in the United Kingdom, the target market assessment in respect of the shares in the Company has led to the conclusion that: (i) the target market for such shares is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MiFIR"); and (ii) all channels for distribution of such shares to eligible counterparties and professional clients are appropriate (the "UK Target Market Assessment" and, together with the EU Target Market Assessment, the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the shares in the Company offer no guaranteed income and no capital protection; and an investment in the shares in the Company 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 the Rights Issue. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Carnegie 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 UK MiFIR; 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 in the Company.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.
Ferroamp AB (publ), grundat 2010, är ett snabbväxande företag inom clean-tech som erbjuder avancerade energi- och effektoptimeringslösningar för fastigheter. Ferroamp har en skalbar plattform som erbjuder möjlighet att kombinera patenterad teknologi i en egenutvecklad EnergyHub med alternativa energikällor och energilager. I en unik lösning kan också flera byggnader kopplas ihop i ett microgrid - Powershare. Kunder är idag framförallt fastighetsbolag, energikonsulter och elkraftbolag.
Få löpande information från Ferroamp via e-post.