STOCKHOLM, Sweden, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Neonode Inc. (NASDAQ:NEON), the optical interactive sensing technology company, today announced the closing of a previously-announced private placement of $9.75 million of Neonode’s common stock and common stock warrants.
Pursuant to the terms of the non-brokered private placement, Neonode sold a total of 9,750,000 shares of common stock at a price of $ 1.00 per share to Swedish tech investors. The proceeds from the private placement are anticipated to be used to repay $1.8 million in short-term debt and for general corporate purposes including business development.
The investors include Peter Lindell, an investor with extensive experience from investing in Nordic Tech companies, Ulf Rosberg, CEO at UMR Invest with over 20 years’ experience as a partner at Nordic Capital, one of the leading private equity firms in the Nordic region, Andreas Bunge, an entrepreneur with profound experience from starting and building businesses from research and hi-tech innovations, and Magnus Lindahl, venture capitalist and senior advisor.
To oversee the company’s future growth and add new capabilities, the Board of Directors has agreed to appoint Ulf Rosberg and Andreas Bunge to join the Board of Directors at the upcoming annual general meeting of stockholders, which now is anticipated to be held in early October 2017.
Thomas Eriksson, CEO of Neonode, comments:
“We see that Neonode’s technology is becoming increasingly relevant, and our addressable market is growing. Today’s announcement is a vote of confidence in our strategy to accelerate growth by focusing on our new line of embedded sensor modules and to capitalize on the investments made over previous years in our zForce technology. We are now well positioned to further strengthen Neonode as a leading supplier of multisensing technologies.”
Ulf Rosberg comments:
“I believe Neonode’s multisensing technology is truly impressive and I see great potential for the technology to be incorporated in a number of areas. I am happy to contribute with my skills and knowledge to assist Neonode in its continued journey towards profitable growth.”
About the designated board members
Ulf Rosberg has over 20 years of experience from active ownership at one of the leading private equity firms in Sweden, Nordic Capital, where he served as a partner. Previously, Mr. Rosberg has held positions in corporate finance at SEB Investment Banking and at Leimdörfer & Partners. He currently serves as CEO at UMR Invest and as Chairman for Payair Technologies. Ulf Rosberg holds a M.Sc. in Economics from the Stockholm School of Economics and a major in Finance from New York University, Stern School of Business in New York.
Andreas Bunge is an entrepreneur with profound experience from starting, commercializing and building business from research and hi-tech innovations, He is the founder of several companies, such as Applied Sensor and Accelerator Nordic. Andreas Bunge has an MSc in Engineering and Management from Linköping University.
About Neonode
Neonode Inc. (NASDAQ:NEON) develops and licenses optical interactive sensing technologies. Neonode’s patented optical interactive sensing technology is developed for a wide range of devices like automotive systems, printers, PC devices, monitors, mobile phones, tablets and e-readers.
NEONODE and the NEONODE Logo are trademarks of Neonode Inc. registered in the United States and other countries. AIRBAR is a trademark of Neonode Inc. All other trademarks are the property of their respective owners.
For more information please visit www.neonode.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events, and the expected proceeds of the private placement. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode’s actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.
These risks, uncertainties, and factors are discussed under “Risk Factors” and elsewhere in Neonode’s public filings with the SEC from time to time, including Neonode’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today’s date, and Neonode undertakes no duty to update or revise them.
Securities Disclaimer
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.