Approval of the board of directors’ resolution to issue shares and warrants with preferential rights for existing shareholders
The EGM resolved to approve the board of directors’ resolution as of 28 February 2016 to issue not more than 17,984,960 shares and to issue not more than 2,248,120 warrants of series 2016/2017:1 and not more than 2,248,120 warrants of series 2016/2017:2 new shares with preferential rights for existing shareholders (the “New Issue”). The New Issue shall be conducted through issuance of so called Units.
The terms and conditions governing the New Issue mean that shareholders of the Company are entitled to, with preferential rights, subscribe for Units as follows. One (1) existing share in the Company entitles to one (1) unit right. Fourteen (14) unit rights entitle to subscription of one (1) unit, consisting of eight (8) new shares, one (1) warrant of series 2016/2017:1 and one (1) warrant of series 2016/2017:2.
Upon full subscription of the New Issue and upon full exercise of the warrants, the share capital will increase with SEK 1,124,060.
The record date of the New Issue is 8 April 2016 and the subscription period is 18 April – 2 May 2016. The subscription price per unit is SEK 42, corresponding to a subscription price of SEK 5.25 per share. The warrants are issued without consideration.
One (1) warrant of series 2016/2017:1 entitles to subscription of one (1) share in the Company at a subscription price of SEK 6.50. Subscription for shares in the Company on the basis of warrants of series 2016/2017:1 may take place during the period from and including 2 January 2017 up to and including 28 February 2017.
One (1) warrant of series 2016/2017:2 entitles to subscription for one (1) share in the Company at a subscription price of 70% of the Company’s volume-weighted average share price on Nasdaq Stockholm over 15 trading days before the beginning of the subscription period, subject to a minimum of SEK 8. Subscription for shares in the Company on the basis of warrants of series 2016/2017:2 may take place during the period from and including 1 June 2017 up to and including 30 June 2017.
Upon full subscription of the New Issue, the Company will raise approximately SEK 94.4 million before issue expenses. Full exercise of the warrants will raise at least a further SEK 32.6 million for the Company. The proceeds from the New Issue will be used for NeuroVive’s continued operations in drug development, clinical trials and partnership activities.
To enable the New Issue, the EGM also resolved to amend the limits of the share capital in the articles of association from minimum SEK 591,000 and maximum SEK 2,364,000 to minimum SEK 1,500,000 and maximum SEK 6,000,000, and to amend the limits of the number of shares in the articles of association from minimum 11,820,000 and maximum 47,280,000 to minimum 30,000,000 and maximum 120,000,000.
NeuroVive Pharmaceutical AB (publ) is a pioneer in mitochondrial medicine and a company committed to the discovery and development of highly targeted candidates that preserve mitochondrial integrity and function in areas of significant therapeutic need. NeuroVive’s business approach is driven by value-adding partnerships with mitochondrial research institutions and commercial partners across the globe. NeuroVive’s portfolio consists of two clinical projects in acute kidney injury (AKI) and traumatic brain injury (TBI) with candidates in clinical and preclinical development and two drug discovery platforms. The NeuroSTAT® product has orphan drug status in Europe and in the US for treatment of moderate to severe traumatic brain injury and is currently being evaluated in a study, CHIC. Ciclosporin (CicloMulsion®) is being evaluated in an on-going study, CiPRICS, in acute kidney injury during major surgery. NeuroVive’s shares are listed on Nasdaq, Stockholm, Sweden
For Investor Relations and media questions, please contact:
Christine Tadgell, NeuroVive, Tel: +46 (0)46-275 62 21 or firstname.lastname@example.org
NeuroVive Pharmaceutical AB (publ) is obligated to publish the information contained in this press release in accordance with the Swedish Securities Market Act. This information was provided to the media for publication at 13.00 CET on 31 March 2016.