Moberg Pharma receives SEK 336 million through TO 2 and directed issue to top guarantors - subscription rate in TO 2 of 98%
Summary
"When we designed the oversubscribed rights issue of units last summer, the intention was to raise approximately SEK 200 million, half of which through the TO 2 warrants. We appreciate the trust and look forward to dedicating our full efforts to execute on our launch plans for the drug MOB-015, with approval in 13 EU countries, and where our partner Allderma has brought the product to a market-leading position in Sweden under the brand Terclara\xae. Moberg Pharma wished to ensure in advance that the Company receives a certain minimum amount from the exercise of the warrants and therefore entered into top guarantee commitments with the investors participating in the Share Issue. The Company also believes that a rights issue under the current volatile market conditions would entail higher costs related to any underwriting. Finally, the Company wishes to expand and strengthen its base of institutional and professional shareholders to, among other things, improve the liquidity of the Companys share.In light of this, the board of directors overall assessment is that the reasons for ensuring the exercise of TO 2 and to carry out the Share Issue with deviation from the shareholders preferential rights clearly and with sufficient strength outweigh the reasons that justify the main rule that new issues shall be carried out with the shareholders preferential rights.The subscription price in the Share Issue has been determined in consultation with the Companys financial advisor, Vator Securities AB, through arms length negotiations with a number of institutional and professional investors over time.