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Loudspring's EUR 2.5 million rights issue oversubscribed and the company resolved on an additional directed share issue of EUR 0.6 million
Loudspring Oyj
Company release, inside information
22 March 2022, 15:00 (EET)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.
Loudspring Oyj ("Loudspring" or the "Company") has carried out a rights issue of approximately EUR 2.5 million (the "Offering") as well as a EUR 0.6 million directed share issue.- Loudspring's rights issue of approximately EUR 2.5 million was oversubscribed, and the subscriptions amounted to 124% of the offered amount.
- Approximately 84% of the Offering will be allocated to subscribers who have subscribed for shares with subscription rights and approximately 16 % to investors who have subscribed for the shares without subscription rights
- In connection with the approval of subscriptions received in the Offering, the Company's Board of Directors also resolved on a directed share issue of approximately EUR 0.6 million to an investment company.
Loudspring CEO Jarkko Joki-Tokola: "We wanted to offer all shareholders a possibility to participate. I am very happy that our rights issue, conducted during extraordinarily challenging market conditions and without guarantors, is oversubscribed. This also illustrates faith towards our industrial future."
The Board of Directors of Loudspring resolved on 22 March 2022 on the allocation of shares and approved the subscriptions accordingly. The allocation has been made in accordance with the principles described in the terms and conditions of the Offering. Investors with subscription rights were allocated approximately 84 % and investors without subscription rights approximately 16 % of the offered shares. As a result of the Offering the number of shares in Loudspring will increase by 23,880,845 shares.
In connection with the approval of subscriptions received in the Offering and based on authorization granted by the Extraordinary General Meeting on 16 February 2022, the Company's Board of Directors also resolved on a directed share issue of approximately EUR 0.6 million to an investment company. The number of new class A shares issued in the directed share issue is 5,845,049 and the subscription price per share is EUR 0.104.
The shares subscribed for in the Offering and in the directed share issue are expected to be registered with the Finnish Trade Register approximately on 1 April 2022. A combination of the temporary shares with the Company's existing shares and trading in the new shares subscribed for in the Offering and in the directed share issue is expected to commence approximately on 4 April 2022 on First North Finland and on 8 April 2022 on First North Sweden.
After the Offering and the directed share issue the total number of shares will amount to 77,487,585.
Loudspring will in total receive approximately EUR 3.1 million in issue proceeds from the Offering and the directed share issue.
LOUDSPRING OYJ
IMPORTANT NOTICE
This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Loudspring has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland.
The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in the basic information document issued by Loudspring.