Hoylu AB (publ) announces that the Board of Directors of Hoylu today has resolved to issue a total of 2,844,006 shares in the Company, based on the authorization granted by the Extraordinary General Meeting on 16 May 2017, corresponding to a total value of the share issue of approximately 15,8 MSEK before costs. The reason for deviating from the shareholders' preferential rights by conducting a directed new share issue is to broaden the shareholder base and ensure further equity in a short timeframe.
The private placement has been subscribed to by a limited number of institutional and private investors, including Recall Capital Nordic AB, Fougner Invest AS, Alden AS, and Camelback Holdings AS.
The subscription price amounts to SEK 5.56 per share, which corresponds to a discount of approximately two percent of the volume weighted average closing price of the Company's share in the last 30 days and approximately 10 percent off closing price on Thursday, December 27, 2017.
Recall Capital Nordic AB will pay for 1,015,823 shares by way of set-off against a debt of SEK 5,647,976. The Board has approved the set-off payment. The remaining shares that have been issued will be paid for in cash.
Hoylu's share capital has increased from SEK 931,561 to 1,166,018 divided into 14,144,005 shares.
The new issue results in an equity dilution of approximately 20 percent after completed issuance.
"Whilst Hoylu is experiencing strong growth and is trending towards cash flow break even, Hoylu's financial flexibility has been limited. This private placement will give us the necessary financial buffer to manage our expected continued strong growth in the coming quarters" says Hoylu's CEO Stein Revelsby.
For more information, please contact:
Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com
Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com
Hoylu AB
Hoylu delivers solutions for presentation, ideation and collaboration that focus on enhancing the user experience. The company's main area of interest is software for Creative Collaboration, combined with intuitive input and display technologies. This includes technologies for remote collaboration, Internet of Things and for connecting workspaces in different locations together, with the objective of simplifying work processes while improving productivity and creativity. For more information: www.hoylu.com or visit www.introduce.se/foretag/hoylu
Ticker symbol: Hoylu
Marketplace: Nasdaq First North Stockholm
Certified Adviser: Mangold Fondkommission AB +46 (0) 8 50 301 550
Publication
This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:57) CET on December 28, 2017.