STENOCARE A/S: Conditional Rights Issue subscribed to 45.0 percent
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on January 22, 2025.
The subscription period in the Conditional Rights Issue ("Rights Issue" or "Issue") of STENOCARE A/S ("Stenocare" or the "Company") ended on 20 January 2025. The Rights Issue was subscribed to approximately 37.7 percent, equivalent to 15,229,927 new shares, including the pre-subscription commitments and compensation free guarantees of 1.5 mDKK or 3,000,000 shares. As a result of this outcome, guarantee commitments from Exelity AB (the "Guarantor"), amounting to 7.3 percent of the total Issue or 2,961,321 new shares, will be activated to achieve a subscription rate of 45.0 percent. This means that the Rights Issue meets the condition of a minimum of 18,191,248 new shares being subscribed for and will therefore be carried out. The Company is thus provided with approximately 9.1 mDKK in gross proceeds before deduction of transaction-related costs.
Subscription and allocation
The Rights Issue was subscribed to approximately 37.7 percent, equivalent to 15,229,927 new shares, including the pre-subscription commitments and compensation free guarantees of 1.5 mDKK or 3,000,000 shares. A total of 11,905,552 new shares were subscribed for with the support of subscription rights, and a total of 3,324,375 new shares were subscribed for without the support of subscription rights. Consequently, guarantor commitments from the Guarantor, amounting to 7.3 percent of the total Issue or 2,961,321 new shares corresponding to approximately 1.5 mDKK, will be activated to achieve a subscription rate of 45.0 percent. The Guarantor will be compensated in cash, with 15 percent of the initial guaranteed amount. As a result of a successful Rights Issue, which has met the condition of a minimum of 18,191,248 new shares being subscribed for, the Company will be provided with approximately 9.1 mDKK in gross proceeds before deduction of transaction-related costs.
Each new share subscribed for in the Rights Issue has a subscription price of 0.50 DKK per new share. The allocation of subscribed shares in the Rights Issue will be made in accordance with the principles described in the Company Announcements, published by Stenocare on 10 January 2025.
Thomas Skovlund Schnegelsberg, CEO of Stenocare, comments on the result:
"This positive result from the Rights Issue enables us to execute our new STENOCARE 3.0 strategy to become a leading trading company in medical cannabis. We have a strong platform for our trading activities, supported by a proven logistical and distribution setup in key countries and prescription-based products approved for sale. The capital from the Rights Issue will be invested in driving sales and gaining market share. The market for medical cannabis is still in its infancy in Europe, and industry analysts project significant growth in the coming years. Countries like Germany and Australia are expected to grow by over 275% in the next three years, and our STENOCARE 3.0 strategy is designed to capitalize on this opportunity. Recently, we delivered our innovative ASTRUM 10-10 oil product to Germany and Norway, and we believe this product has the potential to revolutionize the medical cannabis industry in the years ahead".
Number of shares and share capital
Each share in Stenocare corresponds to a nominal value of 0.08 DKK per share. When the new shares from the Rights Issue have been registered with the Danish Business Authority, expected on 24 January 2025, the share capital will increase nominally with 1,455,299.84 DKK, from nominally 1,616,999.76 DKK to 3,072,299.60 DKK. The total number of shares will increase by 18,191,248 new shares, from 20,212,497 shares to 38,403,745 shares. The dilution effect for shareholders who did not participate in the Rights Issue therefore amounts to approximately 47.4 percent.
Important dates
- 24 January 2025: Expected registration of the capital increase at Danish Business Authority
- 28 January 2025: First day of trading new shares