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Correction: Bricknode secures loan for SEK 5.3 million to support company operations in lead up to acquisition by Huddlestock
The correction refers to missing information in the press release published 28 March 2023 at 08:00 CEST. The press release is now updated with the information that the loan providers are a group of existing Bricknode shareholders and Steglan Management AB, a closely related party to the CEO and CFO of Bricknode.
Bricknode announced today that it has secured a loan for SEK 5.3 million. The loan will support company operations in the lead up to its planned acquisition by Huddlestock, which was announced on 15 March 2023.
The acquisition will be carried out through a sale of 100% of the shares in Bricknode Software AB, Bricknode Platform AB and Bricknode Ltd (collectively the "Subsidiaries") to Huddlestock for a total consideration of 41,138,911 shares in Huddlestock, provided that the Subsidiaries have a total net cash position of SEK 4 million as of 1 April 2023.
The loan providers are a group of existing Bricknode shareholders and Steglan Management AB, a closely related party to the CEO and the CFO of Bricknode.
Stefan Willebrand, Founder and co-CEO of Bricknode, said: "Securing this loan will ensure we meet the required cash position of SEK 4 million in the Subsidiaries, which is an important step towards closing the deal with Huddlestock. The loan will also support company operations in the lead up to the acquisition and we are very pleased that we could arrange this quickly."
Summary of the loan terms:- Loan amount: SEK 5.3 million
- Loan term: 1 year
- Interest rate: 1.5% per month