• The rights issue of Units brings in SEK 70 million at full subscription.
• The issue is guaranteed to SEK 40 million.
• The issue gives myFC the necessary resources to take advantage of the established automotive industry's great interest in myFC's fuel cells for electric cars and to develop and sell smart mobile cases with fuel cells.
• Subscription time, with and without preferential rights, is 5 - 24 April 2019.
• The offer consists of Units. One Unit consists of one share and one warrant. The issue price is SEK 1 per Unit.
• The subscription option is designed as a step-up: during the period August 1, 2019 - April 30, 2020, the subscription price is SEK 2 per share. During the remaining term, until April 30, 2022, the subscription price is SEK 3. Two warrants are required to subscribe for one new share.
• Trading in Unit rights takes place on First North during the period 5 - 18 April 2019.
CEO Björn Westerholm summarizes the contents of the prospectus below:
I am pleased to welcome both old and new owners to our investment in the development of products within the framework of myFC's two different types of fuel cell systems: one that supports smartphones and one that is aimed at battery-powered electric cars. Below is a brief summary of the information contained in the prospectus.
The automotive industry's interest in myFC's products has increased significantly, this is something we notice that every day. The high regulatory requirements for reduced emissions are a major contributor to the automotive industry's intensive search for complementary fuel solutions. We are in discussions with world-leading vehicle manufacturers in Western Europe. We are currently doing a feasibility study with the electric car company Hozon, which holds one of only ten distributed licenses to manufacture electric cars in China. We are developing fuel cell reactors together with Gränges AB. We are integrating fuel cells in mobile cases. After more than ten years of development, we have succeeded with a breakthrough for the company - to double the energy density in our fuel cards. That's why we’re raising capital now. We are determined to take advantage of the business opportunities in front of us.
Both our fuel cell systems are based on the same small, flexible flat fuel cell with high efficiency, and use the same basic logic for charging: not storing the hydrogen gas, but producing it during use. The key is that the fuel cell is pliable. We can integrate the fuel cell without interfering with the product's design. Our fuel cell gives consumers longer talk time and longer mileage than before.
myFC is well positioned today and the issue readies us for growth. We have a scalable, patented and safe offering. For each fuel cell sold, we leverage the sales of fuel. We are looking at recurring revenues that could be 5-10 times higher than that of each fuel cell.
About the issue of Units
From today until April 24, new and old shareholders can subscribe to the rights issue, which consists of Units (shares and warrants). Existing shareholders have preferential rights. Those who were shareholders in myFC on the record day on April 2, 2019 receive four (4) unit rights for each share held on the record date. Five (5) unit rights are required to subscribe for one (1) new Unit, consisting of one (1) share and one (1) free of charge warrants of series 2019/2022 (TO2). Unit rights trading takes place on First North during the period 5 April to 18 April 2019.
Warrant holders are entitled, during the period from 1 August 2019 to 30 April 2022, to exercise the warrants held to subscribe for new shares in myFC. Two (2) warrants entitle the holder to subscribe for one (1) new share. During the period from 1 August 2019 to 30 April 2020, the subscription price is SEK 2 for the subscription of one (1) share with the support of two (2) Warrants; during the remaining term from May 1, 2020 to April 30, 2022, the subscription price is SEK 3 for the subscription of one (1) new share with the support of two (2) warrants.
For complete information about the rights issue, please refer to the Prospectus that is available on myFC's website, www.myfc.se.