Swedish fuel cell company MyFC plans to raise 32.3 million SEK through a directed share issue. Two million shares will be purchased by Handelsbanken Fonder, making it of the largest owners of myFC, and just over 400,000 shares will be bought by the board, management and employees.
"We get one of Sweden's largest professional investors as a new long-term institutional owner; and management and employees wish to increase their ownership significantly. This sends a loud and clear signal to the market," says Björn Westerholm, CEO of myFC.
The new capital will be used primarily for the continued development of myFC's hybrid platform, the backbone of its upcoming JAQ Hybrid fuel cell charger, and the development of Lamina REX, aimed at the automotive industry.
Handelsbanken Fonder invests in myFC through its funds Hållbar Energi and Microcap Sweden.
"We see MyFC as an innovative company in the highly interesting energy storage area, with a product already rolled out in the mobile device market. In addition, we see an exciting opportunity to expand into electric vehicles through myFC’s Lamina Range Extender," says Patric Lindqvist, Managing Director of the Hållbar Energi fund at Handelsbanken Fonder.
The directed share issue at a target price of SEK 13.39 requires the approval of an Extraordinary General Meeting, to be held on June 27. Following the issue, the total number of shares in myFC will amount to 31,267,149. Handelsbanken Fonder's ownership of 2,000,000 shares gives them a share of 6.4%.
This information is information that myFC 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 15:40 CET on 9 of June 2017.