Starbreeze AB: Starbreeze rights issue oversubscribed

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Press release

September 9, 2020 | 08:45 CEST| Regulatory

The outcome of the rights issue in Starbreeze ("Starbreeze") shows that 81,087,339 shares of series A and 262,210,018 shares of series B, corresponding to approximately 95 percent of the offered shares, have been subscribed for by exercise of subscription rights. Additionally, applications for subscription without subscription rights, corresponding to approximately 146 percent of the offered shares, have been received. In total, 3,641,745 shares of series A and 15,365,531 shares of series B, corresponding to approximately 5 percent of the offered shares, have been allotted to those who have subscribed for shares without subscription rights. Accordingly, the shares subscribed for by exercise of subscription rights together with the applications for subscription without subscription rights correspond to approximately 241 percent of the shares offered, and hence, no guarantee commitments will be utilized.

Those who have subscribed for shares without subscription rights have been allocated shares in accordance with the principles set out in the prospectus published on August 18, 2020. Notice of allotment to the persons who subscribed for shares without subscription rights is expected to be distributed on September 9, 2020. Subscribed and allotted shares shall be paid in cash no later than on the settlement date, September 11, 2020, in accordance with the instructions on the settlement note. Those who have subscribed through a nominee will receive notification of allocation in accordance with their respective nominee's procedures. Only those who have been allotted shares will be notified.

The last day of trading in paid subscribed shares (BTA 1) will be September 9, 2020. As soon as the increase in share capital has been registered with the Swedish Companies Registration Office, paid subscribed shares (BTAs) will be converted into new shares. The new shares subscribed for with subscription rights are expected to be traded on Nasdaq Stockholm around September 15, 2020. The new shares subscribed for without subscription rights are expected to be traded on Nasdaq Stockholm around September 24, 2020.

Mikael Nermark, President and CEO of Starbreeze, comments on the outcome:

"We are happy with the great interest in our rights issue and I would like to thank all existing and new shareholders who participated in the issue. We can now take important steps forward, the first step is the continued development of PAYDAY 3."

Shares and share capital

Through the rights issue, Starbreeze's share capital will increase by SEK 7,246,092.69, from the current SEK 7,246,092.69, to SEK 14,492,185.38 through the issuance of 84,729,084 new shares of series A and 277,575,549 new shares of series B. After the rights issue, the number of shares in Starbreeze will amount 724,609,266 shares, of which 169,458,168 shares of series A and 555,151,098 shares of series B.

Advisers

Carnegie Investment Bank AB (publ) is acting as financial advisor and Mannheimer Swartling Advokatbyrå is acting as legal advisor to Starbreeze in connection with the rights issue. Wesslau Söderqvist Advokatbyrå is acting as legal advisor to Starbreeze in connection with the rights issue and the Company's compliance with the reorganization plan and composition.

Source: Cision
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