myFC adds 33 SEK million before issue costs to the company's capital through a targeted new issue of 30,000,000 shares. The company further issues 4,900,000 warrants to the same investor, which could bring in an additional SEK 7.35 million.
The targeted new share issue to an international investor group comprises 30,000,000 shares at a price of SEK 1.10 per share, resulting in gross proceeds of SEK 33 million before issue costs. Following the issue, the number of shares in the company will increase from 174,790,218 shares to 204,790,218 shares, resulting in a dilution of approximately 14.6 percent of the number of shares and votes in the company.
The company also issues 4,900,000 warrants, free of charge, to the investor group. Each warrant gives 1 share at an exercise price of SEK 1.50. The warrants can be exercised from the day they are listed at the Swedish Companies Registration Office (Bolagsverket) until December 31, 2023. Upon full exercise of the warrants, myFC will receive SEK 7.35 million and 4,900,000 shares will be added, which would mean a dilution of an additional 2.3 percent of the number of shares and votes in the company.
– The demand for new energy solutions is increasing rapidly and the market for fuel cells and hydrogen is huge. MyFC has shown that our fuel cell applications can fill an important gap when it comes to energy supply. I am very pleased with this capital injection which strengthens the company's opportunities to be a part of this fast-growing market, says Ulf Henning, Chairman of the Board of myFC.
– The international investor group is ready to invest at a premium, which is a clear message that our unique technology is competitive and that myFC has very good future opportunities, says Michael Glantz, CEO of myFC.
The work to secure long-term financing, thereby enabling mass production, will continue. MyFC is now working on several development projects which, when industrialized, are possible candidates for mass production and volume business.
Both the targeted share issue and the issue of warrants are within the Board's authorization from the Annual General Meeting on June 10, 2021. The Annual General Meeting resolved to authorize the Board to decide on new issues of shares, warrants and / or convertibles with or without preferential rights for shareholders and where the number of shares does not exceed 20 percent of the number of shares in the company.
The reason for the deviation from the shareholders' preferential rights in the share issue and the issue of warrants is that the company is in need of financing and that the subscribers have declared themselves willing to invest in the company on terms that the company's board deems to be in favor of the company. This, together with the fact that a directed new share issue means lower costs and a faster process, indicates that it is in the company's and shareholders' interest to carry out a new share issue with deviation from the shareholders' preferential rights. The subscription price is negotiated at arm's length with the subscribers. The issue proceeds from the new share issue and the exercise of the warrants are intended to be used for further development of customer projects and an increased sales rate to address the rapidly growing hydrogen and fuel cell industry.
This disclosure contains information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 14-01-2022 08:00 CET.