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Press Release

Proposed targeted new share issues in myFC expected to generate about SEK 32 million

New and existing investors, including executive management, intend to subscribe to 16 million shares in Swedish fuel cell company myFC (MYFC) in two proposed targeted new share issues. The proposed share issues, which are subject to approval from an Extraordinary General Meeting on June 24, are expected to generate about SEK 32 million before issue costs.

The Board of Directors of myFC is continuously working toward long-term financing of the company, and now proposes a targeted new issue to a group of current and new European investors. Further to this, a major shareholder proposes an additional directed new share issue to executive management and the Board of Directors.

The directed new issues of in total 16,201,900 shares at a price of SEK 2 per share are subject to the approval of an Extraordinary General Meeting on June 24, 2020. The price implies a premium compared to the closing price on June 3 of about 25 %. Notice of the Extraordinary General Meeting will be given in a separate press release.

”I’m very pleased to announce that we are on track with our rigorous strategic growth plan as we reach another important milestone today. We have successfully secured substantial funding for myFC, which will further enable myFC to capitalize on the commercialization of its unique fuel cell technology with a highly motivated and ambitious leadership team under CEO Michael Glantz,” says Markus Hermanek, Chairman of the Board at myFC.

“The funds we have secured will be used to further enable zero emission carbon footprint and e-mobility, in line with legislations being implemented by governments and leading companies across Europe and around the world. With this, we clearly and further capitalize on myFC’s unrivalled position as global leader within the micro fuel cell industry which makes me very proud,” adds Markus Hermanek.

Following the new share issues, the total number of shares in myFC will increase from 156,683,087 to 172,884,987 and the share capital will increase by approximately SEK 947,479.62, from SEK 9,162,754.46 to SEK 10,110,234.07, corresponding to a dilution of the votes and the capital of approximately 9,4 %, after registration at the Swedish Companies Registration Office.

The following have been invited to subscribe to the targeted new share issues:
 

Investment (SEK) No of shares
European Investors 29,824,000 14,912,000
Board and Executive Management
Alex Guy 2,230,000 1,165,000
Markus Hermanek 139,800 69,900
Johnny Bräster 50,000 25,000
Ulf Henning 20,000 10,000
Sebastian Weber 20,000 10,000
Michael Glantz 20,000 10,000
Total 32,403,800 16, 201,900

Current major owner H119 AG will together with Markus Hermanek and Alex Guy hold approximately 27% of the shares in myFC once the proposed rights issues are completed.

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 below, at 13:00 CEST on 4 June 2020.