Anoto receives SEK 40 million to fuel growth in 2018
Summary
Since 2016, working capital constraints created very long lead times between order and delivery, resulting in lost sales.This step is expected to materially contribute to Anoto’s revenue growth as well as gross margin and cash flow improvement in 2018.Management and Board have diligently looked at a full spectrum of options for financing growth, including adjusting payment terms and using directed issues of different equity-linked instruments to Swedish and international investors.The company’s largest shareholder and a new US-based investor have offered to provide the required financing in a private placement of senior unsecured convertible bonds due 22 July 2019.A rights issue takes a long time to execute, which would delay start of production and which would hurt sales growth considerably.
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