The Chinese investment fund Jiuyou Fund confirms investment of SEK 40 million in JonDeTech through binding agreement
As previously announced, JonDeTech Sensors AB (publ) and the Chinese tech-fund Jiuyou Fund signed a term sheet regarding a directed issue of SEK 40 million with a subscription period up until April 30, 2020. Jiuyou Fund confirms now the investment through binding agreement, under which a subscription of 2,932,552 shares will be made when the agreement is fulfilled. The investment corresponds to a price of SEK 13,64 per share and a dilution of approximately 13.65 percent.
The reason for the Board deciding to conduct an issue that deviated from the shareholders' preferential rights was the assessment that Jiuyou Fund will be able to play an instrumental role for the company in the Asian markets. Besides being a financially stable owner with a long-term belief in the company, Jiuyou Fund will be able to give access to relevant local stakeholders and a platform for value creation. JonDeTech and Jiuyou Fund has therefor also agreed in the binding agreement that the investment will be carried out through a transfer of SEK 20 million to a Swedish bank account of JonDeTech on May 15, 2020 at the latest, and the remaining SEK 20 million will be transferred in local currency to a wholly-owned subsidiary of JonDeTech in China. Technically, SEK 20 million in Sweden constitutes the issue proceeds and the remaining SEK 20 million in China will be contributed to JonDeTech as a condition for the investment.
The company will primarily use the capital to (i) develop the company's Go-To-Market strategy, (ii) strengthen the company's presence in Asia, (iii) develop the company's manufacturing capacity, (iv) strengthen the company's product portfolio, (v) strengthen the organization as well as (vi) new patents.
- It is with great pleasure and confidence that we can fully welcome Jiuyou Fund as well as their Chairman and CEO Frank Liu as shareholders in JonDeTech. Jiuyou Fund will be an important part of our Go-To-Market platform and we look forward to a mutually beneficial and long-term cooperation, says Per Lindeberg, CEO JonDeTech.
Upon completion of the transaction, the outstanding shares in the company will increase from 18,551,000 to 21,483,552, which corresponds to a dilution of approximately 13.65 percent. The issue of new shares will take place in accordance with the authorization granted to the Board by the Annual General Meeting on May 27, 2019.
For further information, please contact:
Per Lindeberg, CEO JonDeTech, Phone: +46 73 870 00 00, Email: [email protected]
Emil Esselin, Nordic Relationship Manager, Jiuyou Fund, Email: [email protected]
This information is information that JonDeTech is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20.25 CEST on 30 April 2020.
About JonDeTech
JonDeTech is a Swedish company that develops, and markets patented IR sensor technology based on nanotechnology. The company's IR sensors are down to one-tenth as thick as conventional sensors, built in plastic and can be manufactured in high volumes at a low cost, which opens for a variety of applications in, among other things, consumer electronics and mobile phones. The company was founded in 2008 and is listed on Nasdaq First North Growth Market. Redeye is the company's Certified Adviser, +46-8-121 576 90, [email protected], https://www.redeye.se. Read more at www.jondetech.se or see how the IR sensor works at www.youtube.com/watch?v=2vEc3dRsDq8.
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