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Annons
Bawat Water Technologies AB Has Resolved On A Directed Set-off Issue To Lenders Following The Listing On Nasdaq First North Premier Growth Market

Stockholm, Sweden, April 1, 2022: Bawat Water Technologies AB (the "Company") announces that the Company has resolved on a directed set-off issue (the "Set-off Issue") to Danmarks Grønne Investeringsfond ("DGIF") and Den Danske Maritime Fond ("DDMF") (together, the "Lenders"),  following the listing on Nasdaq First North Premier Growth Market ("First North").

The board has resolved on an issue of a total of 3,276,940 shares by way of set-off, with the support of an issue authorisation, to set-off certain loans from DGIF and DDMF. The Set-off Issue was fully subscribed.

As communicated in the prospectus published on March 1, 2022 the subscription price in the Set-off Issue is SEK 6.50, which equals the price per share offered in the IPO in connection with the listing on First North. The total compensation amounts to approximately SEK 21,300,000, of which payment has been made through set-off of existing loans. The reason for the deviation from the shareholders' preferential right is to fulfil the Company's obligations towards the Lenders under the respective agreement that the Lenders have entered into with the Company.

The Set-off Issue is expected to be registered by the Swedish Companies Registration Office around April 6, 2022. After registration of the Set-off Issue, the share capital will increase by SEK 54,069.51, from SEK 598,379.6115 to SEK 652,449.1215, and the total amount of shares and votes will increase by 3,276,940, from 36,265,431 to 39,542,371. The dilution effect with respect to the Set-off Issue is approximately 8.3 percent for the current shareholders.

Certified Adviser

Svensk Kapitalmarknadsgranskning AB

Telephone: +46 11 32 30 732

ca@skmg.se

For further information, please contact:

Marcus P. Hummer, CEO

Telephone: +45 8870 8803
E-mail: mph@bawat.com

ABOUT BAWAT

Bawat markets its patented ballast water management system ("BWMS") globally, a cost efficient, flexible, and sustainable solution to the problem of ballast water treatment. While ballast water is essential for modern shipping operations, it also poses ecological, economic and health problems due to the multitude of marine species and pathogens inadvertently transferred between ecosystems when ballast water is dumped. Using otherwise wasted excess onboard engine heat to achieve pasteurization, Bawat's system offers several advantages over other ballast water treatment technologies. In addition to negligible operating cost and environmental impact, the advantages include better efficacy, the absence of harmful chemicals, and not least, an ability to function equally well in seawater, brackish water, and freshwater. Bawat's system is suited for on-board vessel solutions and at-port (land based) containerized installations and is the only heat-based system on the market today. The system is approved by both the International Maritime Organization and the U.S. Coast Guard.

Source: Cision
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