OXE Marine AB (publ) carries out a directed share issue of MSEK 22.75
STOCKHOLM, Sept. 17, 2021 /PRNewswire/ — The board of directors of OXE Marine AB (publ) (“OXE Marine” or the “Company”) has today, as authorized by the annual general meeting on 16 April 2021, resolved to increase the Company’s share capital by way of a directed issue of 10,435,777 shares to a smaller group of existing investors, including industrial investor Koenigsegg. The shares are issued at a subscription price of SEK 2.18 per share, which corresponds to the volume weighted average price for the Company’s share on Nasdaq First North Growth Market during the period from 3 September 2021 to 16 September 2021, and will raise MSEK 22.75 for the Company.
Directed share issue
The reason for the resolution and the deviation from the shareholders’ pre-emption rights is to, in a time and cost effective way, secure the Company’s intermediate need for additional funding. The need for additional funding has arisen rapidly due to a lower availability of components from external suppliers than planned, which has affected the Company’s ability to increase the production rate after the summer.
“In spite of a very challenging global supply chain situation, our dedicated team has been able to plan, validate and execute our ramp-up of operations without any stops during the quarter. However, parts of our supplier base have struggled to keep up with our planned increase in demand, which has led to a lower pace of ramp-up than expected. In order for us to increase visibility and hence the quality of our promises to customers, we will work even closer with these suppliers, also supporting increased stock levels of the most crucial components. In order to enable this, we decided to carry out a directed share issue.” says Magnus Grönborg, CEO of OXE Marine AB.
The share issue has been fully subscribed for by a smaller group of existing investors, including industrial investor Koenigsegg through its parent company Spirit of Performance AB. Christian von Koenigsegg and companies controlled by him, acting through capital insurance accounts, own more than 10% of the Company. Through the share issue, the Company raises MSEK 22.75. The subscription price is SEK 2.18 per share, which corresponds to the volume weighted average price for the Company’s share on Nasdaq First North Growth Market during the period from 3 September 2021 to 16 September 2021.
“I have followed the Company for some time as we are both active in the same local region in Skåne. I hope to be able to contribute with my network, competence and knowledge to build an even stronger OXE Marine” says Christian von Koenigsegg.
Through the share issue, the number of shares in OXE Marine with will increase by 10,435,777, from 197,789,521 to 208,225,298 shares, and the share capital will increase by SEK 312,912.80, from SEK 5,930,643.35 to SEK 6,243,556.15.
This disclosure contains information that OXE Marine AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-09-2021 07:00 CET.
Advokatfirman Lindahl is legal adviser and Redeye AB is financial adviser to OXE in the share issue.
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail [email protected]
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OXE Marine AB (publ) (NASDAQ STO: OXE, OTCQX: CMMCF) has, after several years of development, constructed the OXE Diesel, the world’s first diesel outboard engine in the high-power segment. The Company’s unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company’s engines worldwide
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OXE Marine – Press release new share issue
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SOURCE OXE Marine AB
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