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Serstech accelerates growth and announces a rights issue of 25 MSEK
Serstech’s solutions are offered by 85 partners around the world, covering essentially the entire global security market and a significant part of the pharmaceutical production market. Sales numbers continue to show three-digit growth and Serstech is getting close to positive cash flow and profitability.
Serstech’s board and management have identified that the current capacity of sales and R&D is a limiting factor in the continued development of the company and therefore have decided to further accelerate the investments in these areas. To allow for these investments, the board therefore proposes to issue new shares, as a rights issue to present shareholders.
Given the approval of an extraordinary shareholders meeting, the board proposes the following:
- I. To issue 1 new share per 9 old shares, which would create an additional 7.1 million shares in the company.
- II. The shares will be issued at a price of 3.50 SEK, which will provide the company with approximately 25 MSEK before issue costs.
- III. A general extraordinary shareholders meeting to be held November 20.
The share issue is guaranteed to 100% by Fårö Capital AB.
Mr Christer Fåhraeus, owner of Fårö Capital AB, will be proposed to take on the vacant position on the board of directors. Mr Fåhraeus is an experienced entrepreneur and has founded and developed several highly successful companies in the life science and IT industries. Fårö Capital presently holds more than 1.8 million shares in Serstech and is the largest single shareholder in the company.
“I am happy to be asked to participate in the Board of Serstech, a leading technology company with unique products, large niche markets and great staff”, says Christer Fåhraeus.
“We are very pleased that Mr Fåhraeus has accepted the nomination to the board and his experience will be very useful in the future development of the company”, says Thomas Pileby, chairman of the board.
For further information, please contact:
Stefan Sandor,
CEO, Serstech AB
tel: +46 739 606067
email: ss@serstech.com
Thomas Pileby,
Chairman of the Board, Serstech AB
tel: +46 702 072643
email: tp@serstech.com
Company website: www.serstech.com
This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above at 08.40 CET on October 30, 2019.
Certified advisor to Serstech is Västra Hamnen Corporate Finance AB, phone: 040-20 02 50, e-mail: ca@vhcorp.se
About Serstech
Serstech delivers solutions for chemical identification and has customers across the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com
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