Kista, Sweden // Mar. 11, 2024 // Sivers Semiconductors AB (STO: SIVE), (the "Company"), a leading supplier of integrated chips and modules for the most advanced communications and sensor solutions, has, according to previous communication in connection with the 2023 fourth-quarter report, agreed to entered into a loan agreement with Formue Nord and partners extending the previous SEK 75 million facility. The new SEK 50 million loan facility includes a SEK 35 million convertible loan at a fixed conversion rate of 4.86 SEK, corresponding to 125% of the closing price for the Company's ordinary shares on Nasdaq Stockholm on 8 March 2023. The Company anticipates this financing, and its own cash flow will fully address funding for at least 2024, without the need for any further capital contributions from shareholders. 

Borrowings under the old and the new loan facility are due for repayment at the maturity date on 30 May 2025 and carry an interest rate of STIBOR 3M + 10%. The Company has the right to prepay the loan at any time.

"With this new loan facility, we have now secured our funding base, providing us with the resources needed to meet market demands. This funding, combined with last year's 80% YOY sales growth and reaching profitability in adjusted EBITDA for the second half of 2023, puts us on a great trajectory for continued expansion in 2024 and beyond," said Anders Storm, Group CEO of Sivers Semiconductors.

The directed convertible issue is a prerequisite for obtaining the SEK loan facility. The issue is also positive for the Company's capital structure. The board has made the assessment that an issue of convertibles with preferential rights for shareholders would have been significantly more time-consuming to implement and would have increased exposure to market risk compared to a directed issue of convertibles. In light of the above, the board has made the assessment that the directed convertible issue with deviation from the shareholders' preferential right was the most advantageous alternative for Sivers Semiconductors and in the interests of the shareholders.

The board has today, based on the authorization granted by the Annual General Meeting on 25 May 2023, resolved to issue the convertible in the amount of approximately SEK 35 million on the conditions set out above. The convertible may be converted into ordinary shares in the Company during the period up to and including 16 May 2025. The final approval of the loan facility is subject Sivers business banks approval and update to the subordination agreement, which is expected quite soon.

For more information please contact:
Anders Storm, Group CEO, Sivers Semiconductors
Tel: +46 70 262 6390
E-mail: anders.storm@sivers-semiconductors.com
This disclosure contains information that Sivers Semiconductors is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the contact person set out, on March 11, 2024 at 12:00 CET.
Sivers Semiconductors AB (SIVE.ST) is a leader in SATCOM, 5G, 6G, Photonics, and Silicon Photonics that drives innovation in global communications and sensor technology. Our business units, Photonics and Wireless, supply cutting-edge, integrated chips and modules critical for high-performance gigabit wireless and optical networks. Catering to a broad spectrum of industries from telecommunication to aerospace, we fulfill the increasing demand for computational speed and AI application performance, replacing electric with optical connections for a more sustainable world. Our wireless solutions are forging paths in advanced SATCOM/5G/6G systems, while our photonics expertise is revolutionizing custom semiconductor photonic devices for optical networks and optical sensing, making us a trusted partner to Fortune 100 companies as well as emerging unicorns. With innovation at our core, Sivers Semiconductors is committed to delivering bespoke, high-performance solutions for a better-connected and safer world. Discover our passion for perfection at www.sivers-semiconductors.com.