FOM Technologies A/S successfully completes a directed share issue of approx. 13,3 MDKK to strengthen its financial position and accelerate market penetration
The Board of Directors of FOM Technologies A/S (“FOM Technologies” or the “Company”) has resolved to issue 359,502 shares based on the authorization granted by FOM Technologies´ general meeting on 10 March 2022 (the “Directed Issue”) and in accordance with the intention to carry out the Directed Issue as communicated by the Company yesterday (25th of April 2022). The subscription price in the Directed Issue is 37,00 DKK per share and has been determined through an accelerated bookbuilding procedure led by Corpura Fondkommission AB (“Corpura Fondkommission”). Through the Directed Issue, FOM Technologies will receive proceeds amounting to approximately 13,3 MDKK, before deductions for costs related to the Directed Issue. Strong interest from new investors have led to the issuing of shares outside the 10 – 12 MDKK interval, as earlier indicated.
Subscribers in the Directed Issue include new Swedish and Danish investors. The Directed Issue will strengthen the Company’s financial position and enable the Company to accelerate market penetration through their cutting-edge precision machinery and equipment for slot-die coating of new functional materials.
The subscription price per share corresponds to the average closing price over a period of 30 trading days (up to and including 25th April 2022, which was the last trading day before the Board of Director’s decision on the Directed Issue) with a discount of 7,30 percent. The Board of Directors’ assessment is that the subscription price in the Directed Issue is in accordance with market conditions, since it has been determined through a 30-day average minus a discount and based on an accelerated bookbuilding procedure. The reasons for deviating from the shareholders’ preferential rights are to further diversify the shareholder base and at the same time, raise capital in a time-efficient manner. In addition, through further diversifying the Company’s shareholder base, the Directed Issue is expected to contribute to an increased free float and liquidity in the Company’s share.
A total of 359,502 shares each with a nominal value of DKK 0,10 are issued. The completion of the Directed Issue results in a dilution for existing shareholders of approximately 4,62 percent of the number of shares and votes in the Company after completion of the transaction, through an increase in the number of outstanding shares and votes of 359,502, from 7,419,412 to 7,778,914. The share capital increase from DKK 741,941.20 to approximately DKK 777,891.40.
In connection with the Directed Issue, the Company has agreed to a lock up undertaking, with customary exceptions, on future share issuances for a period of 180 days after the settlement date of the Directed Issue. In addition, the Company’s two largest shareholders Martin Kiener (Founder and Head of Sales) and Michael Stadi (CEO), currently holding approximately 47 percent of the shares and voting rights in FOM Technologies, have agreed not to sell any shares in FOM Technologies for a period of 180 days after the settlement date of the Directed Issue, subject to customary exceptions.
Michael Stadi, CEO of FOM Technologies, comments:
’’We are very pleased to have successfully carried out the directed share issue and at the same time welcome new investors to the company. At our listing in 2020 we brought in one of the smallest amounts of any IPO in Denmark, since we wanted to show results to our investors before asking for additional funds. At present we believe we have shown consistent results and we now feel the timing is right to strengthen our capital structure. The funds from the issue will help the company to accelerate the business and to meet the growing demand for our products in order to continue our growth journey.’’
Corporate Adviser:
Corpura Fondkommission is the financial advisor to FOM Technologies in connection with the Directed Issue. Bruun & Hjejle Advokatpartnerselskab is acting as legal advisor.
For additional information about the Directed Issue, please contact:
Corpura Fondkommission AB
E-mail: info@corpura.se
www.corpura.se
About FOM Technologies:
FOM Technologies produce and sell cutting-edge material research machines and equipment that enables researchers, scientists and professionals around the world, to discover, develop and commercialise new functional materials for a cleaner and more sustainable future.