2nd April 2020
Photocat has agreed to complete a private placement of SEK 3.5 million to institutional investors to support growth and ad economic security in times of Covid-19
Photocat A/S (publ) today announces that it will complete a private placement of 250,000 new shares to its institutional investors, providing Photocat A/S with around SEK 3.5 million in new equity. Photocat has sufficient working capital prior to the placement.
The Board of Directors in Photocat A/S has utilized authorization in the Company’s articles of association to complete a private placement without preferential rights for the current shareholders. The issue of 250,000 new shares has been completed at a price of SEK 14.0 pr. share with a nominal amount of DKK 1 each. The price per share is public listed share price as per closing 2nd April 2020 on First North, hence no discount has been offered to any of the investors. The allocation between shareholders ScanVenture, Strategic Investments and Chairman of the Board Mette Therkildsen will be made public after 13th April 2020 once the transaction has been completed.
The placement increases Photocat’s share capital from DKK 5,000,000 to DKK 5,250,000. After the placement, the total number of shares in Photocat is 5,250,000.
Mr. Michael Humle, CEO and founder Photocat A/S, comments: “We believe that Photocat can benefit in Covid-19 challenged times to have increased cash at hand. It is very satisfying to see the confidence in Photocat the institutional investors express with this placement. The investment will support Photocat’s efforts to grow faster, and give an important cash reserve through the Covid19 virus period.
Existing shareholders will see a dilution of approximately 4.8 percent after completion of this private placement.
For More Information, Please Contact:
Michael Humle, CEO, Photocat A/S
Tel: +45 2210 2523
e-mail: michael@photocat.net
Photocat A/S is obliged to publicize this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at CET 12:30 on April 3rd 2020.
About Photocat
Photocat manufactures patented coating materials for both outdoor and indoor applications with the effect to degrade NOx and VOC´s when exposed to light. Both NOx and VOC’s are severely damaging to human health. Photocat’s patented technology is a very efficient and an economically viable alternative to many of the traditional technologies targeting NOx (e.g. bus catalysts, flue gas cleaning etc.). Photocat’s shares are listed on Nasdaq Stockholm, First North with the ticker symbol PCAT. The company’s Certified Advisor is Mangold Fondkommision AB, 08-50301550.
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