The company is conducting a directed new issue of shares, which is expected to add close to SEK 5.3 million to NeuroVive.
Proceeds from the new share issue will be used primarily for continued clinical development of KL1333 and NeuroSTAT.
NeuroVive’s Board of Directors has decided to conduct a private placement of approximately SEK 5.3 million to Floyd Associates Europe Limited. The new issue of shares with a deviation from shareholders’ preferential rights is carried out at a market-based discount rate supported by the authorization granted for the Board on the Annual General Meeting 2017. The number of shares covered by the new issue of shares amounts to 1.76 million and increases the company’s share capital by SEK 80,000 to SEK 2,616,309.85. The issue price of approximately SEK 3 per share has been determined after negotiation with the investor and corresponds to a 25 per cent discount on the closing price of the company’s share at Nasdaq Stockholm, November 2, 2017.
The reason for deviating from shareholders’ preferential rights is the Board’s view that it is beneficial for NeuroVive and its shareholders to strengthen the ownership base through a larger institutional and international component, but also that the directed new issue presents the best opportunity for the company to add new capital under attractive conditions.