The annual general meeting of Hoylu AB (publ) (“Hoylu” or the “Company”) resolved on May 16, 2018 to authorize the board of directors, with or without deviation from the shareholders’ pre-emptive right, on one or more occasions until the end of the next annual general meeting, to resolve to increase the Company’s share capital through new issues of shares, warrants or convertibles loan notes to the extent permitted by the Articles of Association (the “Authorization”). The Authorization was registered by the Swedish Companies Registration Office (Sw. Bolagsverket) on June 18, 2018.
The Company announces today that the Board resolved on May 7, 2019 to carry out a directed issue of convertible loan notes and warrants on below terms and conditions and that the said directed issue is fully subscribed.
The main terms of the directed issue are shown below.
· The convertible loan amount to SEK 5,000,000 corresponding to 5,000,000 convertible loan notes (the “Convertibles”).
· The right to subscribe for Convertibles in the directed issue, with deviation from the shareholders’ pre-emptive right, is granted to the existing shareholders in the Company; Alden AS, and Fougner Invest AS, and the non-current shareholder Hortulan AS (the “Investors”).
· The convertible loan matures on May 7, 2020 and carries an annual interest rate of 8 per cent.
· The conversion price is set at SEK 5.00 per new share, which corresponds to approximately 125 per cent of the closing price for Hoylu’s share on Nasdaq Stockholm First North on May 6, 2019.
· For every SEK 5.00 Convertible subscribed, the Investors shall be issued a warrant with a right to acquire one (1) share in Hoylu for price of SEK 5.00 (the “Warrant”). The right to exercise the Warrant expires 12 months from the issue date. The Convertibles and Warrant are collectively referred to as “Units”.
· A maximum of 2,000,000 shares will be issued in relation to the directed issue due to conversion of the Convertibles and the exercise of the Warrants.
· The reason for the proposed directed issue of Units and the deviation from the shareholders’ pre-emptive right, is to increase the Company’s working capital for continued growth. The Board’s assessment is that a directed issue of Units under the circumstances is the Company’s most favorable way to obtain financing. The Units issued in the directed issue will not be subject to trade.
For more information, please contact:
Stein Revelsby, CEO Hoylu + 1 213 440 2499 Email: firstname.lastname@example.org
Karl Wiersholm, CFO Hoylu + 1 425 829 2316 Email: email@example.com
Hoylu delivers innovative enterprise solutions to allow global teams to collaboratively plan, create and share information that enrichen the user experience in the virtual office. The Hoylu Suite delivers a comprehensive set of personalized connected workspaces to enable teams across locations, on any device, to work smarter and with more fun across major industries including Engineering, Education, Pharmaceutical, Construction, Manufacturing, Graphic Design and many more. For more information: www.hoylu.com or visit www.introduce.se/foretag/hoylu
Ticker symbol: Hoylu
Marketplace: Nasdaq First North Stockholm
Certified Adviser: Mangold Fondkommission AB +46 (0) 8 50 301 550; firstname.lastname@example.org
This information is information that Hoylu AB 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 above, at (8:45) CEST on May 8, 2019.