Diamyd Medical has completed a new share issue with preferential rights for existing shareholders through which the company will receive proceeds of MSEK 22.1 before issue expenses.
There has been substantial interest in the issue. Subscription applications totaling approximately MSEK 45.8 were received, corresponding to a subscription rate of about 207 percent. 94.6 percent of the rights issue was subscribed based on subscription rights. In addition, 112.3 percent of the rights issue was subscribed without the exercise of subscription rights. In total, 206.9 percent of the overall number of shares were subscribed as part of the rights issue. Shares subscribed for without preferential rights have primarily been allocated to those who have subscribed for shares on the basis of preferential rights.
“Thank you all for your support. We will do our best to make this into a good investment and to the benefit of those with diabetes,” says Anders Essen-Möller, President and CEO of Diamyd Medical.
7,373,140 new shares will be issued as part of the rights issue, of which 319,528 comprise Series A shares and 7,053,612 Series B shares. On account of the rights issue, the number of shares in Diamyd Medical will increase to 29,492,562. The Company will receive proceeds of MSEK 22.1 before issue expenses.
Information regarding the possible allotment of shares, for subscribers without preferential rights, will be sent in the form of a settlement note. Settlement notes are expected to be dispatched on February 26, 2016.
As soon as the increase in the share capital has been registered by the Swedish Companies Registration Office, paid up BTAs (interim shares) in the rights issue will be converted to new shares. Until then, trading in BTAs will continue on Nasdaq Stockholm First North. Trading in the new shares is expected to commence on Nasdaq Stockholm First North in the week beginning on March 14, 2016. Diamyd Medical AB’s share capital will amount to SEK 2,991,219.79 after the issue.