H&D Wireless Share Issue Strongly Oversubscribed
Preliminary date for listing on Nasdaq First North is December 20, 2017
STOCKHOLM, December 15, 2017 /PRNewswire/ --
The share issue for H&D Wireless, the Swedish provider of IoT Cloud Platform and RTLS Solutions, was a success. The share was subscribed with 170 per cent of the shares available in the issue where existing shareholders had preference. In total, the company has before issue costs added liquid funds of SEK 24.0 million in the rights issue and 2.4 million in a directed issue for overallocation.
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The new capital shall provide H&D Wireless with working capital for the planned listing of the company's shares on Nasdaq First North on 20 December 2017.
"I am very pleased with the stock market's response to our rights issue. I am proud to see that both existing shareholders and new shareholders believe so strongly in what we are working with," says Pär, the company's founder and CEO, who also increased his holding with 1MSEK in this issue.
The currently implemented preferential share issue is 3 000 906 B shares at a subscription price of SEK 8 per share, which means an increase in the share capital by a maximum of SEK 150 045. In total, H&D Wireless received subscription notification of 5 112 820 shares of which 1 623 405 was with the support of subscription rights and 3 489 415 shares were with without the support of subscription rights.
272 053 shares are settled in a directed issue as payment for remuneration to the subscribers who have entered into a guarantee with the company in connection with the share issue with preferential rights. 300 000 shares are issued in a directed issue to subscribers who have been identified as appropriate investors by the Board in connection with the rights issue against cash payment of SEK 8 per share.
Cash issue costs are estimated at approximately SEK 3 million. The number of shares increases in total to 17 577 191 shares and the share capital to SEK 878 860.
The new money will be used primarily within the Enterprise business unit. Where the company's new industrial IoT solution for wireless real-time tracking (RTLS), is specially developed for customers in the manufacturing industry and to facilitate their path to digitalization. The business is based on the proprietary cloud-hosted, "Griffin Enterprise Positioning System" (GEPS) platform."
"Large industrial players can, using our solutions for real-time monitoring of manufacturing and distribution flows, now significantly improve their profit margins and shorten their lead times," says Pär.
Helpful links:
H&D Wireless Investor Relations
About H&D Wireless:
H&D Wireless is a Swedish Internet of Things cloud and platform system provider. Its Griffin IoT cloud platform is an end-to-end system solution containing world-class wireless modules, cloud services with analytics and artificial intelligence and smartphone applications for smart homes and enterprises. Since 2016, the company offers Griffin Enterprise Positioning System (GEPS ™) as a cloud service for indoor positioning of physical things in business processes. H&D Wireless was founded in 2009 and is among Sweden's fastest growing and most decorated IoT companies, with more than 1,100,000 wireless products shipped to date for IoT, M2M solutions across the globe.
SOURCE H&D Wireless AB
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