Terranet AB Secures SEK 17.2 Million Through Warrant Exercise
Terranet AB Achieves Significant Funding via Warrant Exercise
Terranet AB (publ) has reported a positive outcome concerning the exercise of its series TO8 warrants. Approximately 88 percent of these warrants, totaling 122,708,719, were exercised, allowing the company to gain almost SEK 17.2 million before the costs associated with the issuance.
Details of the Warrant Exercise
The exercise period for the TO8 warrants occurred from 18 to 29 November. Shareholders exercised 122,708,719 TO8 warrants to acquire Class B shares at the established subscription price of SEK 0.14 each. This successful exercise reflects strong shareholder confidence in Terranet’s future.
Implications for Company Shares and Capital
With this exercise, the company’s share count will increase significantly, raising the total number of shares to 1,193,741,451. Existing shareholders who did not participate in the warrant exercise will experience a dilution effect of around 10.28 percent on their shares and voting rights, emphasizing the impact of the warrants' exercise.
Shareholder Reactions and CEO Insights
Magnus Andersson, the CEO of Terranet, expressed gratitude towards the shareholders for their trust and commitment to the company’s vision. This reception underlines a shared belief in the company's potential and future growth.
Terranet's Advanced Technological Pursuits
Terranet's core mission revolves around enhancing safety in urban traffic. The company develops cutting-edge technology solutions aimed at improving Advanced Driver Assistance Systems (ADAS) and facilitating the advancement of Autonomous Vehicles (AV). With its patented vision technology, the BlincVision anti-collision system possesses the impressive ability to detect road obstacles significantly faster and more accurately than existing solutions.
Company Growth and Position in the Market
Based in Lund, Sweden, and strategically located near Germany’s automotive hub in Stuttgart, Terranet has been publicly listed on Nasdaq First North Premier Growth Market since 2017 (ticker: TERRNT B). Its innovative approach and commitment to saving lives on the road align closely with the growing focus on road safety technology worldwide.
Contact Information for Queries
For inquiries about the TO8 warrants or further information, shareholders can reach out to Mangold Fondkommission AB at +46 8 5050 1595 or via email at emissioner@mangold.se. Additionally, company executives Magnus Andersson and Dan Wahrenberg are available at +46 7 0777 8538 and +46 7 0337 0346, respectively, to provide assistance.
Frequently Asked Questions
What is the total amount raised from the TO8 warrant exercise?
Terranet raised approximately SEK 17.2 million before issuance costs through the exercise of around 88 percent of the TO8 warrants.
What percentage of warrants were exercised during this phase?
About 88 percent of the total outstanding TO8 warrants were exercised by shareholders.
How will the exercise affect existing shareholders?
Existing shareholders who did not participate in the exercise will experience a dilution of about 10.28 percent in their shareholdings and voting power.
What is the subscription price for each Class B share?
The subscription price for acquiring each Class B share through the TO8 warrants was set at SEK 0.14.
What is Terranet's main focus as a company?
Terranet is dedicated to developing secure technologies aimed at enhancing safety in urban traffic, specifically through ADAS and AV technologies.
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