Introduction to Terranet's Rights Issue
Today marks a significant milestone for Terranet AB as the company embarks on its rights issue, allowing existing shareholders to subscribe for new shares. This exciting opportunity for investors runs from today until mid-June and has been structured to raise vital funds to further Terranet's mission of advancing technology in the automotive sector.
Rights Issue Overview
The board of directors at Terranet has laid out an impressive plan to issue a maximum of 13,880,714 units. Each unit is comprised of twelve B-shares and a set of three warrants of series TO9 B, enhancing the appeal for investors looking to engage with the company. Significantly, the subscription price is set at SEK 1.08 per unit, which translates to a very accessible SEK 0.09 per B-share, creating an attractive entry point for potential new investors.
Subscription Details
Existing shareholders will benefit from preferential rights, enabling them to acquire units based on their current shareholding ratio. Essentially, each shareholder will receive one unit right for every share owned, and those who gather eighty-six unit rights can subscribe for a unit, thus ensuring that those who are already invested in Terranet have priority in this offering.
Timelines and Key Dates
The subscription period is ongoing, having launched today and will continue through June 11. It is important for shareholders to note that they should check with their banks or nominees for any possible earlier deadlines regarding the subscription process.
Financial Implications of the Rights Issue
This rights issue is estimated to raise around SEK 15 million before deducting any associated costs. The commitments supporting this initiative include a mixture of approximately SEK 35.2 thousand in subscription commitments and approximately SEK 15 million in underwriting commitments. Importantly, this means the rights issue is completely covered by these commitments, offering a secure avenue for capital raise.
Trading Information
As part of the rights issue rollout, trading with unit rights will occur from May 27 until June 5. Following this, shareholders can engage in transactions of their paid subscribed units until the end of June. This window creates an ample opportunity for existing investors to make informed decisions as developments unfold.
Advisory Team
Terranet has enlisted the expertise of Mangold Fondkommission AB as the financial advisor responsible for guiding this rights issue. Additionally, legal support is being provided by Eversheds Sutherland Advokatbyrå AB, ensuring that regulatory compliance and shareholder interests are thoroughly protected throughout the process.
About Terranet AB
Terranet is turning heads in the automotive technology arena, focusing on developing innovative solutions aimed at making urban driving safer. Their flagship anti-collision system, known as BlincVision, sets the standard by detecting potential road hazards at speeds far exceeding current industry capabilities. This technology not only exemplifies Terranet's commitment to safety but also highlights their leadership position in advanced driver assistance systems (ADAS) and autonomous vehicles (AV).
Contact Information
For further inquiries, Dan Wahrenberg, the CFO of Terranet, is available at dan.wahrenberg@terranet.se.
Frequently Asked Questions
What is the purpose of Terranet's rights issue?
The rights issue allows Terranet to raise capital to support their innovative technologies aimed at enhancing safety on the roads.
How much can investors subscribe for?
Investors can subscribe for units that include shares and warrants at a price of SEK 1.08 per unit.
When does the subscription period end?
The subscription period for the rights issue is open until June 11.
Who can participate in the rights issue?
Existing shareholders have preferential rights to participate, making it an opportunity specifically for current investors of Terranet.
What are the benefits of subscribing early?
Subscribing early can ensure that you secure your units before the potential demand increases as the subscription deadline approaches.
